Gold price tumbles on fading trade war
Yellow metal’s price fell by Rs 1,800 to `95,050/10gm; Buyers shy away from safe-haven assets amid declining geo political, trade uncertainty
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New Delhi: Gold prices plunged Rs1,800 to Rs95,050 per 10 grams in the national capital on Thursday amid a decline in precious metal rates in the overseas markets, according to the All India Sarafa Association.
The precious metal of 99.5 per cent purity slumped Rs1,800 to Rs94,600 per 10 grams. Gold of 99.9 and 99.5 per cent purity had closed at Rs96,850 and Rs96,400 per 10 grams on Wednesday.
“Gold prices are declining as investors move away from safe-haven assets. The recent agreement between the US and China to reduce tariffs for 90 days has eased fears of a full-scale trade war,” Abans Financial Services’ Chief Executive Officer Chintan Mehta said.
As uncertainty fades, investors are shifting towards riskier assets, leading to a drop in short-term demand for gold, Mehta added.
Silver prices also continuing its losing streak for the fourth straight day, declining Rs1,000 to Rs97,000 per kg.
