Gold Slips Rs 110; Silver Plunges Rs 1,000

New Delhi: Gold prices slipped Rs110 to Rs97,670 per 10 grams in the national capital on Tuesday due to persistent selling by jewellers and stockists, according to the All India Sarafa Association. The precious metal of 99.5 per cent purity fell Rs100 to Rs97,250 per 10 grams. Snapping a seven-day winning streak, silver prices plunged by Rs1,000 to Rs1,07,100 per kilogram.

The white metal had soared Rs1,000 to hit a fresh peak of Rs1,08,100 per kilogram in the local markets on Monday. In the overseas markets, spot gold rose marginally to $3,329.12 per ounce. “Gold prices eased as optimism over easing US-China trade tensions dampened safe-haven demand,” Reliance Securities’ Senior Research Analyst Sriram Iyer said. Chinese and US officials on Tuesday extended the new round of trade talks in London to a second day, fuelling hopes for a deal between the world’s two largest economies. Meanwhile, spot silver fell 0.3 per cent to $36.64 per ounce.

“Traders expect increased volatility in gold prices this week, driven by significant macroeconomic events, including the US inflation print and consumer sentiment data. “Any unexpected deviations in these data figures could influence the Federal Reserve’s stance on interest rate cuts, potentially impacting bullion prices in the near term,” Deveya Gaglani, Senior Research Analyst, Commodities at Axis Securities, said.