Gold rate today: Yellow metal slips Rs 500 to Rs 99,120/10g in Delhi; global cues weigh, silver holds steady
: Gold prices fell for the second consecutive session on Friday, dropping Rs 500 to Rs 99,120 per 10 grams in Delhi's bullion market amid easing global trade tensions and a decline in safe-haven demand, according to the All India Sarafa Association.
The precious metal of 99.9% purity had settled at Rs 99,620 per 10 grams in the previous session. Gold of 99.5% purity also dropped by Rs 500 to Rs 98,750 per 10 grams (inclusive of all taxes), compared with the previous close of Rs 99,250 per 10 grams, PTI reported.
"Gold edged lower on Friday impacted by easing tariff-related concerns, a rebound in the US dollar, and waning expectations for multiple interest rate cuts by the US Federal Reserve due to a strong job market," said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
Meanwhile, silver prices traded flat at Rs 1,15,000 per kilogram in the national capital, the association said.
Gandhi added that the recently concluded trade deal between the US and Japan and optimism surrounding similar agreements with the EU, India, Mexico and Brazil have added to the selling pressure in bullion markets.
In the international market, spot gold fell by $20.72 or 0.62% to $3,347.94 per ounce.
"Gold traded weak at $3,345 per ounce, as expectations of tariff deals between the US and trade partners like Japan and the EU reduced safe-haven appeal. These developments may keep gold volatile, especially at elevated levels," said Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities.
Trivedi said market participants will now focus on next week's interest rate decision by the US Federal Reserve, which is expected to guide bullion prices in the near term.
Spot silver internationally slipped 0.35% to $38.92 per ounce.
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