- NEW DELHI — Gold prices plunged INR 1,800 to
INR 95,050 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.
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- The precious metal of 99.5 per cent purity slumped INR 1,800
to INR 94,600 per 10 grams (inclusive of all taxes).
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- Gold of 99.9 and 99.5 per cent purity had closed at INR
96,850 and INR 96,400 per 10 grams on Wednesday.
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- "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.
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- As uncertainty fades, investors are shifting towards riskier
assets, leading to a drop in short-term demand for gold, Mehta added.
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- Silver prices also continuing its losing streak for the fourth
straight day, declining INR 1,000 to INR 97,000 per kg (inclusive of all taxes).
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- The white metal had settled at INR 98,000 per kg in the
previous market session.
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- According to Axis Securities, the decline in bullion prices
was reinforced by the stabilisation of geopolitical risks, notably the easing
of India-Pakistan tensions and growing optimism surrounding potential US
sanctions relief on Syria.
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- Globally, spot gold fell USD 16.81, or 0.53 per cent, to USD
3,160.71 per ounce.
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- Gold prices declined in the wake of easing geo-political
risk in the global market, Pranav Mer, Vice President, EBG of Commodity &
Currency Research at JM Financial Services, said.
