Gold, Silver Prices Trade Flat — Check Prices In Mumbai, Chennai, Other Cities

Gold and silver were trading flat on Wednesday as the safe haven demand for the metal slipped lower. US President Donald Trump on Tuesday imposed 50% tariff on copper imports, while threatening to slap 200% tariff on pharmaceutical products.

The announcement came at a press briefing where Trump said pharmaceutical companies exporting to the US would have a year-and-a-half before they faced the tariffs.

The US President also said he would announce tariffs on chips, among other products. While Trump has so far sent tariff letters to 14 countries, he is expected to send out more letters in the coming days.

Gold was trading at Rs 96,790 per 10 gm, as per the India Bullion Association, higher than the Rs 97,580 levels on Tuesday. In the last six months, the highest price that the yellow metal had soared to was Rs 1,00,470 on June 15. Price of the commodity has gone as low as Rs 95,780 on June 28.

In New Delhi, the price stood at Rs 96,450 per 10 gm compared to Rs 97,240 per 10 gm on Tuesday. Gold price in Mumbai was Rs 96,610 per 10 gm, against Rs 97,400 per 10 gm.

In Kolkata, the rate was Rs 96,490 per 10 gm, while in Bengaluru the rate stood at Rs 96,690. The price of the precious commodity was the highest in Chennai, trading at Rs 96,890 per 10 gm.

Aug. 5 futures for the yellow metal was lower as it was trading at Rs 96,450, according to the Multi Commodity Exchange.

Silver slipped marginally on Wednesday, standing at Rs 1,08,240 per kg, compared to Rs 1,08,460 per kg on Tuesday. Sept. 5 futures for the commodity saw a 0.02% rise to stand at Rs 1,08,009 per kg.