Gold prices slipped Rs 300 to Rs 98,600 per 10 grams in the national capital on Wednesday due to unabated selling by stockists in line with weak global trends, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had closed at Rs 98,900 per 10 grams on Tuesday.
Extending the losses for the fifth straight session, gold of 99.5 per cent purity dipped by Rs 250 to Rs 98,050 per 10 grams (inclusive of all taxes).
“Gold consolidated at the lower end of the range with a moderate bearish bias on Wednesday amid mixed signals. “The easing of geopolitical concerns, following the announcement of a ceasefire between Iran and Israel, reduced safe-haven demand and pushed gold prices to a two-week low,” Saumil Gandhi, Senior Analyst — Commodities at HDFC Securities, said.
Meanwhile, silver prices also plunged by Rs 1,100 to Rs 1,03,100 per kilogram (inclusive of all taxes) on Wednesday. The white metal had ended at Rs 1,04,200 per kg in the previous market session.
Spot gold in the overseas markets went lower marginally to $ 3,322.56 per ounce.
According to Abans Financial Services’ Chief Executive Officer Chintan Mehta, markets will remain focused on escalating trade tensions and rising geopolitical risks in the days ahead, as these factors not only drive safe-haven demand but also keep upward pressure on crude oil prices.
Any further escalation could fuel volatility across commodities and global financial markets, Mehta said.