Gold slips Rs 110 to Rs 97,670/10 g; silver plunges Rs 1,000 to Rs 1.07 lakh/kg
Gold prices slipped Rs 110 to Rs 97,670 per 10 grams in the national
capital
on Tuesday due to persistent selling by jewellers and stockists, according to the All India Sarafa Association.
The precious metal of 99.5 per cent purity fell Rs 100 to Rs 97,250 per 10 grams (inclusive of all taxes).
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Snapping a seven-day winning streak, silver prices plunged by Rs 1,000 to Rs 1,07,100 per kilogram (inclusive of all taxes) on Tuesday.
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The white metal had soared Rs 1,000 to hit a fresh peak of Rs 1,08,100 per kilogram in the local
markets
on Monday.
In the overseas markets, spot gold rose marginally to USD 3,329.12 per ounce.
Live Events
"Gold prices eased on Tuesday morning trading as optimism over easing US-China trade tensions dampened safe-haven demand," Reliance Securities' Senior Research Analyst Sriram Iyer said.
Chinese and US officials on Tuesday extended the new round of trade talks in London to a second day, fuelling hopes for a deal between the world's two largest economies.
Meanwhile, spot silver fell 0.3 per cent to USD 36.64 per ounce in the global markets.
"Traders expect increased
volatility
in gold prices this week, driven by significant macroeconomic events, including the US
inflation
print and consumer sentiment data.
"Any unexpected deviations in these data figures could influence the Federal Reserve's stance on
interest rate
cuts, potentially impacting bullion prices in the near term," Deveya Gaglani, Senior Research Analyst, Commodities at Axis Securities, said.
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Time of India
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Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel "You can have companies, the big automakers like Ford and GM are rumoured to say, we need to relocate our manufacturing to China, so we can get access to rare earths despite the heavy tariffs that they would then incur by going into the United States. But here is the thing, China's media has been a lot more circumspect with the details of this so-called trade agreement," says Shaun Rein, China Market Research is a great and big question. Trump is saying the deal has been signed and he has been talking about that the Chinese are going to send rare earths and magnets in advance to whatever the United States needs because what you have seen in the last month is the lack of rare earths that were exported to the United States has really crippled the American economy You can have companies, the big automakers like Ford and GM are rumoured to say, we need to relocate our manufacturing to China, so we can get access to rare earths despite the heavy tariffs that they would then incur by going into the United States. But here is the thing, China's media has been a lot more circumspect with the details of this so-called trade has said the rumour is that they will give maybe export licenses to rare earths on a six-month trial basis to American companies. So, basically Trump is exaggerating the win in his mind and China is being a lot more honest probably saying well we do not have all the details ironed out, we want to come to an agreement but quite frankly China has the upper hand in the trade war with the United States right that the United States makes except for semiconductors, the Chinese can buy elsewhere. So, instead of buying American beef, they are buying Australian beef; instead of buying American oil, they are buying Canadian oil; instead of buying American soybeans, they are buying Brazilian soybeans. So, what you have seen is that there is a total shift in trade patterns and a total shift in power and China is at the top of the triangle, the top of the pyramid right now in terms of buying goods and trading goods from other countries. We are seeing a shift in world order right I mean that that is not true. I mean, Chinese equity markets are up 15-16% since the start of the year while the S&P 500 is only up about 2%. 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