Gold Price Drop: Rs 800 Decline Ends Four-Day Rally
Silver also saw a significant drop, falling Rs 1,370 to Rs 99,000 per kg on Tuesday.
Gold prices recently fell, ending a four-day rise. On Tuesday, gold dropped Rs 800 per 10 grams to Rs 98,500 in Delhi, according to the All India Sarafa Association.
This decrease was due to a global decline in precious metal rates. Specifically, 99.5% pure gold decreased to Rs 98,000 per 10 grams, after closing at Rs 98,800 the previous day.
Globally, spot gold slipped by $45.03 per ounce or 1.35% to $3,296.92 per ounce. This dip is partly attributed to Brussels' efforts to speed up trade talks with the US, which lessens the demand for "safe-haven" assets like gold, explained Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.
Investors are now looking to upcoming US economic data, like Durable Goods Orders and Consumer Confidence, for more clarity on the economic situation, especially with ongoing concerns about tariffs and inflation. All eyes are on the economic outlook amid persistent tariff and inflation concerns, Chainwala added.
Silver also saw a significant drop, falling Rs 1,370 to Rs 99,000 per kg on Tuesday, compared to Rs 1,00,370 on Monday.
(With inputs from PTI)
