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Gold prices saw a sharp decline of Rs 1,550, settling at Rs 91,450 per 10 grams in the national capital on Monday, driven by heavy selling from jewellers and stockists, as well as a weak global trend, according to the All India Sarafa Association. On Friday, the precious metal had closed at Rs 93,000 per 10 grams.
Gold of 99.5% purity also fell by Rs 1,550, reaching Rs 91,000 per 10 grams, compared to Rs 92,550 in the previous session, as per PTI report.
“Gold prices slipped as panic selling in equity markets and other asset classes continued to affect safe-haven precious metals,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.
Silver prices continued their downward trajectory for the fifth consecutive day, dropping by Rs 3,000 to Rs 92,500 per kg from Friday’s closing of Rs 95,500 per kg. Over the past five sessions, silver has tumbled by Rs 10,500 per kg.
On the global front, spot gold decreased by USD 10.16, or 0.33%, to USD 3,027.20 per ounce. “Sentiment remained cautious, with investors awaiting further clarity from the US on its next steps, especially amidst escalating trade tensions,” explained Jateen Trivedi, VP of Research at LKP Securities.
The upcoming release of US Consumer Price Index (CPI) data is expected to play a key role in shaping expectations for interest rate cuts, which could influence the direction of gold prices globally, Trivedi added.
Domestically, market participants are also closely watching the Reserve Bank of India’s monetary policy meeting later this week for further guidance.
Meanwhile, in the Asian markets, spot silver rose by 1.65% to USD 30.04 per ounce.
According to Kotak Securities, the sharp decline in gold prices mirrored a broader market slump, as US President Donald Trump’s tariffs and retaliatory measures by China dampened investor sentiment.
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