After three-day rise, gold dips Rs 300 to Rs 91,650 per 10 gm, silver plunges Rs 1,500
Bringing an end to the three-day rise, amid fall in precious rates globally, gold and silver prices fell by Rs 300 and Rs 1,500 to touch Rs 91,650 per 10 grams and Rs 1,02,000 per kg, respectively, in New Delhi on Thursday.
On Wednesday, gold of 99.9 per cent purity closed Rs 700 higher at its record high of Rs 91,950 per 10 grams.
The All India Sarafa Association bulletin said the precious metal of 99.5 per cent purity, which ended on Wednesday at Rs 91,500 per 10 grams, declined by Rs 300 to Rs 91,200 per 10 grams on Thursday.
Similarly, silver prices also dipped by Rs 1,500 to reach Rs 1,02,000 per kg on Thursday from previous day’s closing level of Rs 1,03,500 per kg, also its lifetime high.
According to the market analysis, gold rallied Rs 2,500 per 10 grams to hit its lifetime high level, while silver soared by Rs 2,300 per kg to reach its fresh peak during this week.
In a statement, Kotak Securities said the prices are steady near record highs as it is underpinned by robust safe-haven demand amidst escalating geopolitical tensions.
Market experts said persistent concerns over global trade disputes, including impending new duties and existing US tariffs, contributed to market volatility.
“Market participants will closely monitor US weekly unemployment claims to be release later on Thursday to assess the strength of the labour market,” Abans Financial Services’ Chief Executive Officer Chintan Mehta said, while opining that investors will also seek insights from US Federal Reserve Chair Jerome Powell’s press conference in Washington, looking for indications of how policymakers are factoring in Trump’s policies and how they might respond if economic conditions worsen.
