Gold prices, Oct. 28 -- The euphoria that had gripped gold over the last 10 months seems to be fading amid growing risk-off sentiment among investors globally. MCX gold prices have declined over Rs.13,000 from all-time high levels to slip below Rs.1,20,000 per gram in Tuesday's trade.

Optimism over a US-China trade deal has dented the demand for precious metals. Moreover, profit-taking at higher levels is another factor derailing the gold price rally.

"With bond yields on the rise and reduced geopolitical tensions, gold's short-term appeal has softened to give way to some profit-taking after the highs," said Ross Maxwell, Global Strategy Lead at VT Markets.

Despite this, gold remains one of the best-performing asset classes this year, ...