New Delhi: The gold and silver prices declined on Tuesday after having an upward rally for the past two days, amid escalating uncertainties around the US tariffs.
The price of 24-carat gold dropped by over Rs 300, according to the India Bullion Jewellers Association (IBJA). Ten grams of 24-carat gold cost Rs 387 less, from Rs 98,303 to Rs 97,916.
The price of 10 grams of 22-carat gold also decreased, going from Rs 90,045 to Rs 89,691, a decrease of Rs 354. Additionally, the price of 18-carat gold fell, from Rs 73,727 to Rs 73,437 during the previous trading session, a decrease of Rs 290.
“Continued tariff escalations by the US on global partners have kept uncertainty high, supporting safe-haven buying in gold, said Jateen Trivedi from LKP Securities.
The price of silver also saw a sharp decline. Silver’s price dropped from Rs 1,13,867 to Rs 1,11,997 per kilogram, a decrease of Rs 1,870.
The futures market received conflicting signals despite the spot market’s price decline. Gold futures with an expiration date of August 5, 2025, increased by 0.04 per cent to Rs 97,815 on the Multi Commodity Exchange (MCX).
On the other hand, silver futures with an expiration date of September 5 fell 0.29 per cent to Rs 1,12,611.
On a global scale, the market witnessed divergent patterns. Silver prices dropped 0.38 per cent to $38.59 per ounce on the Comex, while gold prices increased 0.21 per cent to $3,366.20 per ounce.
“Gold prices stayed in a narrow range of Rs 97,750–Rs 98,050 as Comex gold traded positive near $3,365 with a $20 rise,” Trivedi said.
With US CPI data scheduled this week, traders remain cautious. Overall, gold is expected to remain volatile within the Rs 97,500–Rs 98,500 range, the analyst stated.
Despite mixed movements in futures and international markets, Tuesday’s trading session provided some respite for buyers seeking a chance to buy precious metals at a reduced price.
(IANS)
