Domestic gold prices slipped, mirroring the global price of gold days after hitting all-time high levels. The yellow metal's price in the domestic market was trading over Rs 2,000 lower at Rs 94,970 on Thursday as of 06:47 a.m., according to the India Bullion Association.
The decline in safe-haven investments follows US President Donald Trump's announcement that tariff talks with China are progressing positively, with substantial reductions expected. Shortly after, the Wall Street Journal reported that the White House may cut tariffs on China from 145% to 50-65%.
Rates in New Delhi were hovering around Rs 94,630 per 10 grams, according to the association. The price in Mumbai was marginally higher than New Delhi's rate at Rs 94,800. In Kolkata, the rate rose to Rs 94,670. While in Bengaluru, the rate was at Rs 94,870. With the price at Rs 95,070, Chennai continued to see the highest rate in the country.
The futures prices for the yellow metal on the Multi Commodity Exchange were trading lower at Rs 94,751 for the June 5 futures.
Gold Rates Today
Global spot gold prices rose on Thursday to trade 2.20% higher at $3,360, after gold bullion climbed to trade above $3,486 an ounce for the first time on Tuesday.
The price of the yellow metal crossed $3,000 an ounce for the first time ever on March 14; since then, it has been continuously hitting new highs.
Silver Rates Today
Silver prices continued to surge on Wednesday to trade at Rs 98,390 after it crossed 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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