Gold rate today: Gold prices plunge Rs 1,000 to Rs 1,01,520 per 10 grams; what’s driving yellow metal rates down?
Gold rate today: Gold prices declined by Rs 1,000, reaching Rs 1,01,520 per 10 grams in Delhi on Tuesday, following a downturn in international markets, according to All India Sarafa Association.Yesterday, the 99.9 per cent pure gold had closed at Rs 1,02,520 per 10 grams.In domestic trading, 99.5 per cent pure gold decreased by Rs 1,000 to Rs 1,01,100 per 10 grams (including all taxes) on Tuesday, according to a PTI report.“Gold prices dipped after US President Donald Trump clarified on social media that there would be no tariffs on gold imports. Although an official confirmation from the White House is still pending, the announcement eased some trade-related concerns,” Abans Financial Services CEO Chintan Mehta said.Furthermore, the White House’s Monday announcement extending the suspension of significant tariffs on China until November 11 has temporarily alleviated macroeconomic concerns, resulting in downward pressure on gold prices, Mehta explained.The rupee strengthened by 10 paise against the US Dollar, reaching 87.65 in early trading on Tuesday.Silver prices declined by Rs 2,000 to Rs 1,12,000 per kilogram (inclusive of all taxes) on Tuesday, following Monday’s close at Rs 1,14,000 per kg.In international markets, spot gold traded higher by 0.13 per cent at $3,347.18 per ounce in New York.Renisha Chainani, Head of Research at Augmont, explained that “Trump’s announcement on Monday that gold will not be subject to tariffs allayed concerns about a dramatic rise in the price of importing the metal, causing prices to drop below USD 3,400 per ounce.”In overseas markets, spot silver increased by nearly 1 per cent, reaching USD 37.90 per ounce.“Investors will continue to closely watch upcoming US macroeconomic data, such as Consumer Price Index, Producer Price Index and retail sales, which will provide fresh cues on the Federal Reserve’s interest rate trajectory,” Chainani stated.Commodities market experts indicate that statements from US Fed officials will influence short-term US Dollar movements and provide direction for bullion prices.The safe haven asset experienced reduced demand amid speculation that Friday’s meeting between Trump and Russian President Vladimir Putin might reveal a peace proposal for the ongoing Russia-Ukraine conflict.
