Gold Prices Dip Amid Global Market Weakness
In a notable shift, gold prices in Delhi fell by Rs 650, settling at Rs 96,850 per 10 grams on Wednesday. This decline is attributed to a sluggish performance in the global market, according to the All India Sarafa Association. This drop follows a prior closing of Rs 97,500 for 99.9% purity gold.
Current Trends in Gold Pricing
The price of gold with 99.5% purity also saw a significant decrease, dropping Rs 700 to Rs 96,400 per 10 grams, including taxes. Just the day before, it had closed at Rs 97,100 per 10 grams.
- Gold with 99.9% purity: Rs 96,850
- Gold with 99.5% purity: Rs 96,400
Chintan Mehta, CEO of Abans Financial Services, commented on the market dynamics: “Gold prices are adjusting downward as international trade tensions ease. Notably, China recently reached a tariff reduction agreement with the United States, which is expected to enhance market stability.”
Geopolitical Factors Affecting Prices
Even with the recent price drop, Mehta emphasized that ongoing geopolitical conflicts in the Middle East are maintaining a fundamental support for safe-haven assets like gold.
In addition to gold, silver prices have also been declining for the third consecutive session, plummeting by Rs 1,450 to Rs 98,000 per kilogram, inclusive of taxes. The previous day, silver had concluded at Rs 99,450 per kg.
Global Market Insights
On the global stage, spot gold prices decreased by $20.65, landing at $3,229.64 per ounce. Kaynat Chainwala, Assistant Vice President of Commodity Research at Kotak Securities, noted, “Gold is hovering around $3,230 per ounce, buoyed by indications of easing tensions between the U.S. and China, especially after recent adjustments to tariffs on low-value shipments.”
Investors are now closely monitoring upcoming U.S. macroeconomic data, including the producer price index and retail sales figures, expected on Thursday. This data may provide essential insights into inflation trends and consumer spending habits.
Conclusion
As gold and silver prices fluctuate amid changing global dynamics, market participants are urged to stay informed about geopolitical developments and economic indicators that could influence precious metal values. For updates on gold and silver prices in various cities, stay tuned!
