Gold Price Dips Below The Rs 1,22,000 Mark — Check Rates In Delhi, Mumbai And Other Cities

Gold prices have slipped Rs 11,600 down from its life time high. The gold prices in India today stand at Rs 121,360 on Tuesday

Gold prices had declined by Rs 700 to Rs 1,25,900 per 10 grams in Delhi on Monday, tracking weak global trends as easing US-China trade tensions dented safe-haven demand. On Sunday, top economic officials from Washington and Beijing agreed on the framework of a potential trade deal, which is expected to be discussed when US President Donald Trump meets his Chinese counterpart, Xi Jinping, in South Korea later this week.

The previous drop in prices was led by a confluence of factors including positive trade talks between China and the US, a stronger dollar, overstretched technicals, and uncertainty on investor positioning due to the government shutdown were factors cited for the price drop on the gloabl scale.

Gold prices had scaled a new peak for the fifth consecutive session in the international market two weeks ago. The heightened US-China trade frictions and bets of a Fed rate cut during the upcoming FOMC have supported demand of the yellow metal, as reported by Bloomberg.

In New Delhi, the price stood at Rs 1.20,930, per 10 gm, and in Mumbai, it stood at Rs ,121,140 on Tuesday.

In Bengaluru, the rate stood at Rs 1,21,240, while in Kolkata, it was Rs 1,20,980 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,21,490 per 10 gm.

The Dec. 5 futures stood at Rs 1,21,043 according to the Multi-Commodity Exchange. The spot prices of the yellow metal rose to $4,008 on Tuesday, according to the World Gold Council.

Silver had declined Rs 27,800 from its life time high. The precious metal's price was trading lower at Rs 1,43,840 per kilogram on Oct 27, according to the India Bullion Association.

Dec. 5 futures for silver were trading lower at Rs 1,43,460, according to the Multi-Commodity Exchange.