Gold prices decreased Rs 400 to Rs 91,250 per 10 grams in the national capital on Friday due to profit-booking and a subdued trend in the global markets, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had settled at Rs 91,650 per 10 grams on Thursday.
Gold of 99.5 per cent purity went lower by Rs 400 to Rs 90,800 per 10 grams. It had concluded at Rs 91,200 per 10 grams.
“Gold prices fell…due to profit-taking by the traders and a recovery in the US dollar. The precious metal is taking a break in response to the US Federal Reserve Chair Jerome Powell’s comments about slowing US growth and higher inflation,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
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Extending the losses for the second straight day, silver prices also declined by Rs 1,700 to Rs 1,00,300 per kg from Thursday’s closing level of Rs 1.02 lakh per kg.
Meanwhile, gold futures contracts for April delivery on the Multi Commodity Exchange depreciated by Rs 493 to Rs 88,213 per 10 grams.
On similar lines, silver futures also tanked by Rs 1,228 or 1.24 per cent to trade at Rs 98,164 per kg in the afternoon trade.
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In the international markets, spot gold slipped by USD 12.15 to USD 3,032.75 per ounce. Comex gold futures traded 0.24 per cent lower at USD 3,036.60 per ounce.
“Comex gold holds below USD 3,040 per ounce but the sharp downside may be limited as safe-haven bids from concerns about the potential impacts of US President Donald Trump’s tariffs and tense geopolitical situation in the Middle East provide support,” Kaynat Chainwala, AVP-Commodity Research at Kotak Securities, said.
Further, Chainwala said markets remain on edge as Trump recently said both broad reciprocal tariffs and certain additional sector-specific tariffs would come into force on April 2.
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