Chennai, July 6 : The strengthening of the US dollar and the slight reduction in global recession concerns have resulted in a decline in gold prices, said an analyst with Geojit Financial Services.

"The recent decline in gold prices (5.4 per cent from an all-time high) can be attributed to a slight reduction in global recession concerns and the strengthening of the US dollar. Additionally, with the possibility of an interest rate hike in the US, this trend may persist," Anil R, a Research Analyst, said.

According to the data from the World Gold Council, Indian gold demand in CY2023 declined by 17 per cent in terms of volume, primarily due to higher prices.