Gold declines Rs 1,500; Silver falls Rs 740

New Delhi: Gold prices declined Rs1,500 to Rs99,250 per 10 grams in the national capital on Thursday, following a weak trend in the global markets, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity had closed at Rs1,00,750 per 10 grams on Wednesday. Snapping a four-day winning streak, gold of 99.5 per cent purity declined by Rs1,550 to Rs98,800 per 10 grams on Thursday. It had settled at Rs1,00,350 per 10 grams in the previous session.

“Gold prices remained highly volatile as multiple global and domestic triggers played out simultaneously,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said. In international markets, gold slipped sharply following US President Donald Trump’s announcement of a trade agreement with the UK on Thursday, marking the first of his promised deals, triggering profit-taking across safe-haven assets, Trivedi added.

As per the Sarafa Association, silver prices fell Rs740 to Rs98,200 per kg from Wednesday’s closing of Rs98,940 per kg. In the futures trade, the most traded June contract for gold dipped Rs383 to Rs96,707 per 10 grams on the Multi Commodity Exchange.