Gold rate today: Gold falls Rs 500 to Rs 98,020/10g in Delhi; silver slips Rs 1,000 amid easing tariff fears
The data was released by the All India Sarafa Association.
On Saturday, gold of 99.9% purity had settled at Rs 98,520 per 10 grams, already down Rs 600 from the previous session. On Monday, gold of 99.5% purity dropped to Rs 97,750 per 10 grams (inclusive of all taxes) from Rs 98,520 on Saturday, PTI reported.
Silver prices also retreated sharply, declining by Rs 1,000 to Rs 1,13,000 per kilogram (inclusive of all taxes), from Rs 1,14,000 per kg in the previous session.
In global markets, spot gold and silver traded flat at $3,337.95 and $38.17 per ounce, respectively.
'Gold traded in a positive but flat range near $3,335 per ounce, as strength in the dollar index limited gains last week,' said Jateen Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities.
The recent US-EU trade agreement, which includes a 15% tariff on most European goods entering the US alongside EU commitments to invest heavily in American industries, has contributed to the price pressure.
A similar agreement was signed with Japan last week.
'Bullion prices declined last week due to a drop in demand for safe-haven assets amid easing tariff concerns,' said Saumil Gandhi, Senior Analyst – Commodities, HDFC Securities, as quoted PTI.
Chintan Mehta, CEO of Abans Financial Services, added that market participants will be closely watching upcoming US macroeconomic data, including jobless claims and Q2 GDP figures.
President Donald Trump's recent reassurance on the independence of the US Federal Reserve and a softened stance toward Fed Chair Jerome Powell have further buoyed the US dollar, Gandhi noted.
'Both factors contributed to the rise in the US dollar, which has risen for the third consecutive day and is negatively impacting precious metal prices,' he said.
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