Gold-silver rate today: Gold drops below Rs 1 lakh to Rs 99,960 per 10g; silver plunges Rs 2,000/kg as global investors cut bullion bets
Gold-silver rate today:
Gold prices
slipped below the Rs 1 lakh-mark, falling Rs 600 to Rs 99,960 per 10 grams in the national capital on Friday due to selling by jewellers and stockists in line with weak global cues, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had settled at Rs 1,00,560 per 10 grams in the previous market session. Gold of 99.5 per cent purity dipped Rs 550 to Rs 99,250 per 10 grams (inclusive of all taxes), compared to Rs 99,800 per 10 grams on Thursday.
Silver prices also diminished by Rs 2,000 to Rs 1,05,200 per kilogram (inclusive of all taxes) on Friday. It had ended at Rs 1,07,200 per kg on Thursday.
"Silver slid from recent highs, nearing one-week lows and heading for their first weekly decline in three weeks.
It fell below $35.70 per ounce after a sharp rally earlier in the week," said Rahul Kalantri, Vice-President, Commodities at Mehta Equities.
The decline came as investors liquidated positions in bullion to cover losses elsewhere amid rising geopolitical tensions between Israel and Iran. The Bank of England, in its monetary policy meeting on Thursday, also held rates steady, which limited the gains of precious metals.
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Kalantri added that intensifying conflict between Israel and Iran and weakness in the rupee are also supporting prices of gold and silver in domestic markets.
On the global market, spot gold was trading at $3,353.67, lower by $16.72 per ounce, or 0.5 per cent. Spot silver fell 0.77 per cent to $36.10 per ounce in overseas markets.
'Traders will watch developments on US trade tariffs and Middle East military engagement will drive volatility. Any signs of de-escalation or non-involvement from the US in the Iran-Israel conflict could keep gold under pressure. On the other side, renewed tensions will continue to support prices,' said Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities.
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