Gold falls Rs 550 to Rs 98,570/10 g amid muted global demand
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had settled at Rs 99,120 per 10 grams on Saturday, up by Rs 100 from the previous close.
New Delhi, Jul 7 (PTI) Gold prices fell by Rs 550 to Rs 98,570 per 10 grams in the national capital on Monday following muted global trends and continued tariff threats from US President Donald Trump.
Silver prices remained unchanged for the second straight session at Rs 1,04,800 per kilogram (inclusive of all taxes) on Monday.
Bullion traders said the fall in gold prices was in line with subdued global trends and profit-booking by investors at higher levels. Moreover, seasonal demand in the physical market remained subdued, contributing to the decline in prices.
Gold resumed trading on a weaker note, affected by the recovery of the US dollar and diminishing expectations for an interest rate cut following stronger-than-expected US job market data, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Additionally, safe haven demand diminished as tariff-related concerns eased after US Treasury Secretary Scott Bessent stated over the weekend that America is close to finalising trade deals with several countries, although tariffs will be implemented starting August 1, Gandhi added.
Spot gold in the international markets depreciated by USD 38.95 or 1.17 per cent to USD 3,297.69 per ounce.
'Gold has come down slightly after the ceasefire announcements, as well as stronger than expected US data in recent days. However, the yellow metal buying by central banks is running at above 1,000 tonnes per annum and is unlikely to abate in the next few months.
'Also, the inflation is still running higher than what the US Federal Reserve expects, traders continue to remain bullish on gold,' Sandip Raichura, Chief Executive Officer of Retail Broking and Distribution & Director at PL Capital, said.
According to Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, the upcoming US Fed's FOMC (Federal Open Market Committee) meeting minutes on Wednesday may offer deeper insights into the central bank's monetary policy stance and the trajectory for bullion prices in the near term. PTI HG MR HG SHW
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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