Gold plunges Rs 1,000 amid sell-off in global markets
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Gold prices plunged Rs 1,000 to Rs 1,01,520 per 10 grams in the national capital on Tuesday in line with a sell-off in global markets, according to the All India Sarafa Association.On Monday, the precious metal of 99.9 per cent purity had settled at Rs 1,02,520 per 10 grams.In the local markets, gold of 99.5 per cent purity dipped Rs 1,000 to Rs 1,01,100 per 10 grams (inclusive of all taxes) on Tuesday."Gold prices dipped after US President Donald Trump clarified on social media that there would be no tariffs on gold imports. Although an official confirmation from the White House is still pending, the announcement eased some trade-related concerns," Abans Financial Services CEO Chintan Mehta said.Adding to this, the White House announced on Monday that the suspension of high-level tariffs on China will be extended until November 11. This decision has helped ease ongoing macroeconomic tensions for now, which has pressured gold prices downwards, Mehta added.On Tuesday, the rupee edged higher by 10 paise to 87.65 against the US Dollar in early trade.Meanwhile, silver prices slumped by Rs 2,000 to Rs 1,12,000 per kilogram (inclusive of all taxes) on Tuesday. It had settled at Rs 1,14,000 per kg on Monday.On the global front, spot gold was trading at USD 3,347.18 per ounce, up by 0.13 per cent in New York.Renisha Chainani, Head of Research at Augmont, said Trump's announcement on Monday that gold will not be subject to tariffs allayed concerns about a dramatic rise in the price of importing the metal, causing prices to drop below USD 3,400 per ounce.Spot silver rose nearly 1 per cent to trade at USD 37.90 per ounce in the overseas markets."Investors will continue to closely watch upcoming US macroeconomic data, such as Consumer Price Index , Producer Price Index and retail sales, which will provide fresh cues on the Federal Reserve's interest rate trajectory," Chainani said.According to commodities market experts, speeches from some US Fed officials will play a key role in driving the near-term US Dollar price dynamics and provide some meaningful impetus for the direction of bullion prices.The demand for the safe haven asset took a hit due to speculation that the meeting between Trump and his Russian counterpart Vladimir Putin on Friday could unveil a truce plan for the ongoing Russia-Ukraine conflict, they added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
First Post
a minute ago
- First Post
'Trump is hurt, humiliated... his best friend insulted him': Indian-origin Maga venture capitalist
Indian-origin MAGA venture capitalist Asha Jadeja Motwani has listed five things Donald Trump wants from India, saying the US President feels 'hurt and humiliated' after the ceasefire row and could lower tariffs if ties improve. Indian-origin venture capitalist Asha Jadeja Motwani has said that US President Donald Trump is 'hurt, humiliated and shocked' after feeling 'insulted' by a close ally over what she described as the 'ceasefire fiasco.' In a series of posts on social media platform X, Motwani, who has publicly aligned herself with the Make America Great Again (MAGA) movement, urged India to extend warmth towards Trump to help mend ties, saying this could pave the way for a reduction in US tariffs on Indian goods. STORY CONTINUES BELOW THIS AD 'Will Trump reduce the tariffs on India? Yes! But this is dependent on how fast we melt him,' she wrote, adding that India should project itself as a 'peacebuilder' between Russia and Ukraine and engage in proactive public relations in the West. She also suggested that major Indian business houses could announce investment commitments in the US ahead of Trump's expected visit for the Quad summit. Will trump reduce the tariffs on India? Yes! But this is dependent on how FAST we melt him. He is hurt, humiliated and shocked that his best friend insulted him in public on the ceasefire fiasco (justified or not). He will come around, but SHOW him the warmth that we genuinely… — Asha Jadeja Motwani 🇮🇳🇺🇸 (@ashajadeja325) August 13, 2025 In another post, Motwani claimed to know what Trump 'wants from India,' and listed five expectations: A massive investment pledge from India's top business houses, ranging from $100 billion to $500 billion, in the US economy. Closure of deals for the purchase of Stryker and Javelin defence systems. Increased energy imports from the US and reduced dependence on Russian crude. Public thanks to Trump for his 'behind-the-scenes work' on controlling Chinese military equipment and support in Pakistan. More overt friendliness towards Trump, with Indians being 'more expressive' to show their affection. Below is a list of things Trump wants from India. How do i know? It is up to you to guess. But before I list them, kudos to the Indians for moving in the right direction fast.. the announcement backing the Trump Putin talks is a great first step along with Modi's conversation… — Asha Jadeja Motwani 🇮🇳🇺🇸 (@ashajadeja325) August 13, 2025 STORY CONTINUES BELOW THIS AD Motwani said these steps, along with 'niceness and agility,' could help bring US tariffs on Indian goods down to 'closer to 20%.' Ending her posts with 'Jai Hind' and blessings for both nations, she stressed: 'Be nice to Trump. He knows we love him, but we must show it more actively.' In another post, Motwani listed what she claimed were Trump's key expectations from India including a massive investment pledge from Indian conglomerates worth $100 billion to $500 billion in the US, closing deals on Stryker and Javelin defence systems, increasing US energy purchases, reducing reliance on Russian crude, and openly thanking Trump for behind-the-scenes support on China and Pakistan. STORY CONTINUES BELOW THIS AD She emphasised that being 'nice' to Trump and expressing affection more actively was essential. 'American culture is different from India. Be more expressive,' she said, ending her posts with 'Jai Hind' and blessings for both nations. President Trump earlier this month slapped 25 per cent additional tariff on India over the purchase of Russian oil. With this 25 per cent tariff, India will face at least 50 per cent tariffs among the highest in the world. This 25 per cent tariff over the purchase of Russian oil is on top of the 25 per cent tariff that Trump had previously imposed on India on July 31 as part of the broader rollout of tariffs on more than 60 countries.
&w=3840&q=100)
Business Standard
a minute ago
- Business Standard
Delhi court summons Samir Modi in defamation case by GPI directors
A Sessions Court in Delhi on Thursday summoned Samir Modi in defamation proceedings filed against him by independent directors of Godfrey Phillips India (GPI), Nirmala Bagri and Atul Kumar Gupta. The court held that there was, prima facie, 'sufficient evidence' to summon Samir Modi, and directed the trial court to proceed as per law in the defamation case. Bagri and Gupta had initiated defamation proceedings against Samir Modi, alleging that his statements to the media had damaged their reputations. The trial court had rejected the defamation plea on 19 May, after which the directors filed a revision petition in the Sessions Court. On Thursday, the Sessions Court set aside the trial court's order and summoned Samir Modi. In May 2024, Samir Modi had alleged that his mother, Bina Modi, and other directors of GPI had 'orchestrated an attack' on him during a board meeting. He had also alleged that he was assaulted by the personal security officer (PSO) of his mother, who is the chairperson and managing director of the company. Samir Modi was removed from GPI's board at a meeting on 7 August last year after fellow directors did not support his reappointment. In his place, the company appointed Charu Modi, daughter of Bina Modi and sister to Samir and Lalit Modi. The younger son of KK Modi and Bina Modi lodged a first information report (FIR) with Delhi Police on 27 June 2024, accusing his mother, her PSO, and GPI directors of causing him 'grievous hurt'. The dispute comes against the backdrop of a contentious succession battle over an estimated Rs 11,000-crore inheritance following the death of family patriarch KK Modi in 2019. Samir Modi, one of KK Modi's three children and brother of former Indian Premier League (IPL) chief Lalit Modi, has challenged his mother's management of the family's affairs in the Supreme Court.
United News of India
a minute ago
- United News of India
Secondary tariffs could go up against India if things don't go well in Alaska : US Treasury Sec
New Delhi, Aug 14 (UNI) Unites States has warned of increasing secondary tariffs against India depending upon the outcome of the Alaska meeting between Russian President Vladimir Putin and US President Donald Trump tomorrow. US Treasury Secretary Scott Bessent, in an interview with Bloomberg TV, said the decision would depend on the outcome of the Alaska meeting. "We've put secondary tariffs on Indians for buying Russian oil. And I could see, If things don't go well, then sanctions or secondary tariffs could go up," Bessent said in the interview yesterday. 'It looks like he may be ready to negotiate and we put secondary tariffs on India, on the Indians, for buying Russian oil. And I could see if things don't go well, then sanctions or secondary tariffs could go up,' he said. Asked what about China who are the 'main purchasers of Russian crude,' Bessent said he is not going to get ahead of the President (Trump) but the President is best at 'creating leverage for himself.' President Trump will make it clear to President Putin that all options are on the table and 'sanctions can go up or they can also be loosened.' 'They can have a definitive life. They can go in indefinitely,' he said while asking Europeans to join the US in sanctions. UNI RB
