New Delhi, Jul 25 (PTI) Gold prices extended losses for the second straight day, by declining Rs 500 to Rs 99,120 per 10 grams in the national capital on Friday, amid easing global trade tensions and dampening the safe-haven demand.
According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had finished at Rs 99,620 per 10 grams on Thursday.
At the local markets, gold of 99.5 per cent purity also decreased Rs 500 to Rs 98,750 per 10 grams (inclusive of all taxes) on Friday as against the previous closing level of Rs 99,250 per 10 grams.
“Gold edged lower on Friday impacted by easing tariff-related concerns, a rebound in the US dollar, and waning expectations for multiple interest rate cuts by the US Federal Reserve due to a strong job market,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
However, silver prices traded flat at Rs 1,15,000 per kilogram (inclusive of all taxes) on Friday, as per the association.
Gandhi further highlighted that the US has already secured a trade deal with Japan, and there is optimism surrounding the US-EU trade agreement. Additionally, the US is expected to have trade pacts with India, Mexico, and Brazil, which may further increase selling pressure in bullion.
Spot gold fell by USD 20.72 or 0.62 per cent to USD 3,347.94 per ounce in the international markets.
“Gold traded weak at USD 3,345 per ounce, as expectations of tariff deals between the US and trade partners like Japan and the EU reduced safe-haven appeal.
“These developments may keep gold volatile, especially at elevated levels. Focus now shifts to the upcoming Fed’s interest rate decision next week, which will be crucial for the direction of bullion prices,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said.
On the global front, spot silver slipped by 0.35 per cent to trade at USD 38.92 per ounce. PTI HG HVA
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