SRINAGAR: Gold prices fell by Rs 1,800 to Rs 95,050 per 10 grams in the national capital on Thursday, tracking weakness in global markets, according to the All India Sarafa Association. Gold of 99.5 percent purity dropped to Rs 94,600 per 10 grams, inclusive of taxes. On Wednesday, gold had closed at Rs 96,850 (99.9%) and Rs 96,400 (99.5%) per 10 grams.
Chintan Mehta, CEO of Abans Financial Services, attributed the fall to investors shifting away from safe-haven assets following easing trade tensions between the US and China.
Silver extended its decline for the fourth day, down Rs 1,000 to Rs 97,000 per kg. It had settled at Rs 98,000 in the previous session.
Axis Securities noted that stabilising geopolitical conditions, including easing India-Pakistan tensions and possible US sanctions relief on Syria, further weighed on bullion prices.
Globally, spot gold fell USD 16.81 (0.53%) to USD 3,160.71 per ounce.
Pranav Mer of JM Financial Services said focus now shifts to Russia-Ukraine peace talks, US economic data, and remarks from US Fed Chair Jerome Powell, which may guide the next moves in bullion.
