Gold prices in Delhi experienced a decline of Rs 490, settling at Rs 96,540 per 10 grams on Tuesday. This decrease was primarily attributed to weak demand, according to the All India Sarafa Association. The yellow metal of 99.9% purity had closed at Rs 97,030 per 10 grams on Monday.
Gold of 99.5% purity also depreciated by Rs 450, reaching Rs 96,130 per 10 grams, after closing at Rs 96,580 per 10 grams in the previous trading session.
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"Gold traded with a modest intraday loss on Tuesday. Ongoing optimism about the US-China trade truce, along with expectations for a ceasefire between Russia and Ukraine, continues to enhance positive risk sentiment and weaken the appeal of the safe-haven bullion," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
Silver prices plunged by Rs 1,000 to Rs 97,500 per kg on Tuesday, down from its previous close of Rs 98,500 per kg.
Gandhi added that "traders seem uncertain about the US Federal Reserve's (Fed) future interest rate cuts path after the hawkish stance taken by another Fed member, which has also adversely affected gold prices".
In the overseas market, spot gold registered a marginal increase, trading at $3,233.68 per ounce.
Kaynat Chainwala, assistant vice president of commodity research at Kotak Securities, said investors were awaiting speeches from several US Federal Reserve officials later in the day for further cues on monetary policy.
However, Chainwala suggested that a sharp downside may be limited ahead of a key House vote on President Donald Trump's major tax and spending package, which has the potential to further widen the US fiscal deficit.
(With inputs from PTI)
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