Gold Plummets Rs 3,400, Silver Tanks Rs 200

New Delhi: Gold prices tanked sharply by Rs 3,400 to Rs 96,550 per 10 grams in the national capital on Monday as traders shifted from safe-haven buying after the US declared a 90-day pause on tariff against Chinese imports. According to the All India Sarafa Association, the precious metal of 99.5 per cent purity plunged Rs 3,400 to Rs 96,100 per 10 grams on Monday. This marks the steepest fall in 10 months since gold prices plunged Rs 3,350 on July 23, 2024. Gold of 99.9 and 99.5 per cent purity had settled at Rs 99,950 and Rs 99,500 per 10 grams on Saturday. “Gold prices fell sharply amid signs of progress in trade talks between the US and China, along with some relief in geopolitical tensions, including India-Pakistan,” Rahul Kalantri, VP Commodities at Mehta Equities Ltd, said. Also, silver prices fell Rs 200 to Rs 99,700 per kg from Saturday’s close of Rs 99,900 per kg. Spot gold tanked over 3 per cent to trade at $3,218.70 per ounce in the global markets. Spot silver in the international markets fell 1.19 per cent to trade at $32.33 per ounce.