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Gold plunges ₹1,000 to ₹1,01,520 in NCR amid global markets sell-off
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 $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 $3,400 per ounce.
Spot silver rose nearly 1 per cent to trade at $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.
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