Gold prices declined by Rs 300 to Rs 91,650 per 10 grams on Thursday, bringing an end to the three-day rally in the national capital, amid fall in precious metal rates globally, according to the All India Sarafa Association.
On Wednesday, the precious metal of 99.9 per cent purity closed Rs 700 higher at its lifetime high of Rs 91,950 per 10 grams. Gold of 99.5 per cent purity, which ended the previous session at Rs 91,500 per 10 grams, slipped by Rs 300 to Rs 91,200 per 10 grams on Thursday.
Silver prices also tanked by Rs 1,500 to Rs 1,02,000 per kg from Wednesday’s closing level of Rs 1,03,500 per kg, also its historic high. In the preceding three sessions, gold added Rs 2,500 per 10 gram to hit its all-time high level, while silver surged by Rs 2,300 per kg to reach its fresh peak during the period. In the global markets on Thursday, spot gold fell by $14.44 or 0.47 per cent to $3,033.35 per ounce. In the morning trade, it rose to hit a lifetime high of $3,057.36 per ounce.
Similarly, Comex gold futures for April delivery slipped 0.11 per cent to USD 3,038 per ounce. During the session, it touched a fresh peak of USD 3,065.09 per ounce.
“Comex gold futures surged to a record USD 3,065.2 per ounce, subsequently retracting to around USD 3,042, yet maintaining gains.
“The prices are steady near record highs as it is underpinned by robust safe-haven demand amidst escalating geopolitical tensions,” Kotak Securities said in a note.
Further, persistent concerns over global trade disputes, including impending new duties and existing US tariffs, contributed to market volatility, the brokerage firm added.
According to Abans Financial Services’ Chief Executive Officer Chintan Mehta, market participants will closely monitor US weekly unemployment claims to be release later on Thursday to assess the strength of the labour market.
“Investors will also seek insights from US Federal Reserve Chair Jerome Powell’s press conference in Washington, looking for indications of how policymakers are factoring in Trump’s policies and how they might respond if economic conditions worsen,” Mehta added.
