Gold Rate Today: Gold prices have fallen by Rs 3,400 in a day. After the announcement of US China to stop duty on imports by 90 days, traders shopped out of safe investment options, ie gold. Due to this, the price of gold fell by Rs 3,400 to Rs 96,550 per 10 grams in the bullion market of the national capital Delhi on Monday.
According to the All India Bullion Association, gold with 99.5 percent purity fell by Rs 3,400 to Rs 96,100 per 10 grams on Monday. This is the biggest decline of 10 months since the fall of gold prices on July 23, 2024 after a decline of Rs 3,350. On Saturday, gold with 99.9 and 99.5 percent purity closed at Rs 99,950 and Rs 99,500 per 10 grams.
The vice-president (commodity) of Mehta Equality Limited, Rahul Kalantar, said that there has been a huge decline in gold prices amid signs of progress in trade talks between the US and China and some relief in geopolitical tension including India-Pakistan. Also, silver prices fell by Rs 99,900 per kg to Rs 200 to Rs 99,700 per kg.
After trade talks in Geneva in weekends, the US agreed to reduce its 145 percent fee rate to 30 percent on Chinese goods, while China agreed to reduce its rate on American goods for a 90 -day period to 10 percent. The dollar measuring the dollar stronger compared to the world’s six major currency, increasing by 1.42 percent to 101.76.
According to Jatin Trivedi, Commodity Expert of LKP Securities, a consensus between Russia and Ukraine has reduced geopolitical tension due to the possible ceasefire signs and a consensus between India and Pakistan to stop military action.
Trivedi said that these developments led to heavy profits in gold, which had earlier climbed due to global uncertainty. The strong boom in the stock markets also affected the appeal of gold as a safe investment. Gold spotted in global markets fell more than three percent to $ 3,218.70 an ounce. Silver spotted in international markets fell 1.19 percent to $ 32.33 an ounce.
Vice -Chairman Research Pranav Mer, at JM Financial Services Limited, said that at the end of this week, investors will focus on American massive economic data, including inflation retail rates and consumer sentiments.