Gold Price Below Rs 1,00,000; Eyes On Powell For Rate Cut Clues — Check Rates

Gold prices continued to fall on Wednesday possibilities of trilateral peace talks between Russia, Ukraine and the US. Today the prices are below the Rs 1,00,000 mark in India. On the global front, investors are eyeing Fed Chair Jerome Powell's speech for any clues on a possible rate cut. This, paired with the de-escalation of geo-political tensions, will bring down the safe-haven demand of the commodity further.

The yellow metal was lower at Rs 99,530 per 10 gm, according to the India Bullions Association, compared to Rs 99,650 on Tuesday.

In the last six months, the highest price that the yellow metal had soared to was Rs 1,02,090, seen on Aug. 10. The price of the commodity went as low as Rs 87,100 on April 7.

In New Delhi, the price fell to Rs 99,180 per 10 gm compared to Rs 99,290 on Tuesday. The gold price in Mumbai declined to Rs 99,350 compared to Rs 99,460 the previous day.

In Bengaluru, the rate stood at Rs 99,430, while in Kolkata, it was Rs 99,220 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 99,640 per 10 gm.

The spot gold price was trading lower at $3,313 an ounce, according to the World Gold Council. Oct. 3 futures for the yellow metal were trading 0.70% lower at Rs 98,710, according to the Multi Commodity Exchange.

Silver prices corrected by 0.86% and closed at $37.98 levels during the previous week. On MCX, silver prices corrected by 0.82% and closed at Rs 1,13,943.

The precious metal's price was at Rs 113,920 per kilogram on the India Bullion Association. Sept. 5 futures for silver were trading 0.01% higher at Rs 1,11,358, according to the Multi Commodity Exchange.