Gold price in India fell to Rs 96,410 per 10 grams as of 6:28 a.m. on May 27, according to the India Bullion Association.
The gold spot price was also down 0.62% as it traded at $3,344.89 on Tuesday. This comes as the demand for the safe asset has been impacted amid signs that the US may be making progress in negotiations with some trading partners.
Notably the precious metal has been steadily climbing to record highs over the past six months, and it hit an all-time high of $3,500 on April 22. Gold prices crossed the $3,500-an-ounce mark for the first time ever in April.
Rates in New Delhi also saw a fall at Rs 96,070 per 10 grams, according to the association. The price in Mumbai was lower at Rs 96,240. In Kolkata, the rate fell to Rs 96,110. While in Bengaluru, the rate was at 96,310. With the price at Rs 96,520, Chennai continued to see the highest rate in the country.
The futures prices for the yellow metal on Multi Commodity Exchange fell to Rs 95,935 for the June. 5 futures. The gold price had crossed the Rs 97,000 per 10-gram mark for the first time on the MCX in April touching fresh highs.
Gold prices had been climbing due to a combination of economic uncertainty, geopolitical tensions, and strong demand from central banks.
Silver Rates Today
Silver price also fell to Rs 98,300 after crossing the Rs 1 lakh mark multiple times in the past couple of months, according to the India Bullion Association. Strong industrial demand for silver, fuelled by its importance in renewable energy technologies and electronics, has been driving the surge.
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