• Source:JND
Add as a preferred

The All India Sarafa Association claims that poor demand caused gold prices in the nation's capital to drop by Rs 490 to Rs 96,540 per 10 grams on Tuesday. On Monday, the 99.9% pure yellow metal closed at Rs 97,030 per 10 grams. The value of 10 grams of 99.5% pure gold decreased by Rs 450 to Rs 96,130 (including all taxes). At the last market close, it had settled at Rs 96,580 per 10 grams.

"Gold traded with a modest intraday loss on Tuesday. Ongoing optimism about the US-China trade truce, along with expectations for a ceasefire between Russia and Ukraine, continues to enhance positive risk sentiment and weaken the appeal of the safe-haven bullion," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

Also Read: Mutual Fund Assets Surge 23% To Hit Record Rs 65.74 Lakh Crore In FY25

From the previous close of Rs 98,500 per kg, silver prices fell by Rs 1,000 to Rs 97,500 per kg (including all taxes) on Tuesday.

Gandhi added that traders appear unsure of the US Federal Reserve's (Fed) future interest rate-cutting trajectory following the hawkish stance adopted by another Fed member, which has also hurt gold prices. On the international market, spot gold increased slightly to USD 3,233.68 an ounce.

Investors are anticipating speeches from a number of US Federal Reserve officials later in the day for monetary policy cues, according to Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.

But before a crucial House vote on President Donald Trump's massive tax and spending package, which could further increase the US fiscal deficit, the steep decline might be curbed, according to Chainwala.

Also Read: Defence Stock: AMS Recieves NSE, BSE Approval To Issue Convertible Warrants On Preferential Basis; Details

(With Inpust From PTI)