New Delhi, May 14: Gold prices dropped by ₹650 to ₹96,850 per 10 grams in the national capital on Wednesday, driven by subdued cues from international markets, as reported by the All India Sarafa Association.
In the previous session, gold of 99.9% purity had closed at ₹97,500 per 10 grams. Meanwhile, gold with 99.5% purity also saw a sharper decline of ₹700, settling at ₹96,400 per 10 grams, down from Tuesday’s close of ₹97,100.
Chintan Mehta, CEO of Abans Financial Services, attributed the dip to easing global trade tensions. “Gold continues to face pressure as major economies, including China and the US, strike trade agreements. The latest deal involves a mutual 90-day tariff reduction,” he said.
Silver also extended its losses for the third consecutive day, plunging ₹1,450 to ₹98,000 per kg from the previous close of ₹99,450.
Despite the easing trade tensions, Mehta noted that ongoing geopolitical risks in the Middle East continue to lend some support to gold as a safe-haven asset.
Globally, spot gold prices slipped by USD 20.65, trading at USD 3,229.64 per ounce. Kaynat Chainwala, AVP – Commodity Research at Kotak Securities, noted that the yellow metal remains supported by signs of improving US-China trade relations, following the US administration’s move to lower tariff thresholds on low-value Chinese imports.
She added that investors are now closely watching upcoming US economic data, particularly the producer price index and retail sales figures, for insights into inflation and consumer spending patterns.
