Gold, Silver Rates Slip After High —Check Prices in Mumbai, Chennai, Other Cities

Gold and silver was trading lower on Monday after the prices slipped lower on Friday. The yellow metal was trading at Rs 98,300 per 10 gm, as per the India Bullion Association, the commodity was trading at Rs 98,280 per 10 gm on Friday after it slipped from Rs 1,00,820 mark on July 22.

In the last six months, the highest price that the yellow metal had soared to was last week Rs 1,00,820 on July 22. On the global front the record high was $3,500 on April 22. The price of the commodity has gone as low as Rs 87,100 on April 7.

In the first week of July, the highest price that the commodity rose to was Rs 97,580 on July 7 on the back of Trump's rollout of fresh tariffs and safe haven demand. The prices had slipped to Rs 96,790 on July 9.

In the last week of July, the prices saw a steep climb followed by a plunge in rates. The volatility in prices are heightened as Trump's tariff deadline approaching. Last week gold corrected by 0.21% and closed at Rs 97,819 levels. In spot market it made a high of $3438 levels and corrected by 0.40% and finally closed at $3326 levels.

Precious metal prices were dented this week by improving risk appetite, as a US-Japan trade deal and optimism over the potential for more agreements spurred buying into riskier instruments.

In New Delhi, the price stood at Rs 97,950 per 10 gm while the gold price in Mumbai was Rs 98,120 per 10 gm.

In Bengaluru, the rate stood at Rs 98,200, while in Kolkata, it was Rs 97,990 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 98,410 per 10 gm.

In the United States, gold was trading at $3,343.50 an ounce.

Aug. 5 futures for the yellow metal was trading 0.93% lower at Rs 97,806 according to the Multi Commodity Exchange.

Optimism over tariffs put pressure on gold and silver prices. Silver made new life time this week of Rs 1,16,641 levels and corrected sharply and closed at 1,13,052 levels.

Silver surged on Monday and was trading higher at Rs 1,13,420 per kg. Sept. 5 futures for the commodity saw a 0.07% advance to stand at Rs 1,13,130 per kg.