| Gold, Silver rates decline | | | New Delhi, July 17:
Gold prices fell by Rs 200 to Rs 98,670 per 10 grams in the national capital on Thursday due to unabated selling by stockists amid subdued demand trend in the overseas markets, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity went lower by Rs 500 to close at Rs 98,870 per 10 grams on Wednesday.
Meanwhile, gold of 99.5 per cent purity declined by Rs 200 to Rs 98,200 per 10 grams (inclusive of all taxes) on Thursday. It had finished at Rs 98,400 per 10 grams in the previous market close.
As per the association, silver prices diminished by Rs 500 to Rs 1,10,500 per kilogram (inclusive of all taxes) on Thursday. The white metal had ended at Rs 1,11,000 per kg on Wednesday.
“Gold prices slipped as safe-haven demand eased after US-China tensions cooled with the lifting of the AI chip ban, and President Donald Trump signalled that a trade deal with India is close.
“Meanwhile, steep 30 per cent tariffs were imposed on Mexico and the European Union, the possibility of further negotiations kept market fears in check. This has reduced the urgency for safety trades like gold, weighing on prices,” Abans Financial Services’ Chief Executive Officer Chintan Mehta said.
However, the broader uncertainty from aggressive tariff actions continues to offer some underlying support, limiting the downside for the yellow metal, Mehta added.
Globally, spot gold fell by USD 21.55 or 0.64 per cent to USD 3,326.05 per ounce.
“Gold edged lower as traders turned cautious ahead of US macroeconomic data, including retail sales data, employment numbers, and speeches by several Fed Reserve officials,” Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said.
According to Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, gold traded weak below USD 3,330 per ounce as the dollar index strengthened above 98.75, following higher-than-expected US CPI inflation data, which dampened hopes of an immediate interest rate cut by the Fed.
Spot silver went lower by 0.11 per cent to trade at USD 37.86 per ounce in the international markets. (PTI) |
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