Gold and Silver Slide Further as Global Market Sentiment Softens

New Delhi: Gold prices fell sharply by ₹650 to ₹96,850 per 10 grams in the national capital on Wednesday, marking the third straight session of decline. The drop comes amid weak global cues and easing trade tensions between major economies.

99.9% and 99.5% Purity Gold See Decline

According to the All India Sarafa Association, gold of 99.9% purity closed at ₹96,850 per 10 grams, down from the previous session’s ₹97,500. Meanwhile, 99.5% purity gold fell by ₹700 to ₹96,400 per 10 grams, compared to Tuesday’s ₹97,100 (inclusive of all taxes).

Also Read: Hyderabad: Woman Brutally Murdered by Husband in Balapur

Trade Agreements Ease Global Tensions

Chintan Mehta, CEO of Abans Financial Services, attributed the price dip to improving global trade sentiment. “Gold prices continue to correct as trade tensions ease, with major economies securing agreements with the US. China is the latest to strike a deal, leading to a 90-day reduction in tariffs between the two countries,” Mehta explained.

Silver Takes a Bigger Hit, Falls ₹1,450

Silver prices also saw a significant decline, plunging by ₹1,450 to ₹98,000 per kg on Wednesday. The metal had closed at ₹99,450 in the previous trading session, extending its losses amid subdued demand.

Global Spot Gold Drops as Trade Sentiment Improves

In international markets, spot gold slipped by USD 20.65 to USD 3,229.64 per ounce, as reported by market trackers. Despite the correction, geopolitical tensions in the Middle East are keeping a safety-net under the yellow metal, experts said.

Eyes on Upcoming US Economic Data

Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, said:
“Gold is currently trading around USD 3,230 per ounce, supported by easing US-China trade tensions. Investors are now awaiting Thursday’s release of US macroeconomic indicators, such as the Producer Price Index and Retail Sales, for further clues on inflation and consumer spending.”