New Delhi, July 9
Gold prices continued the downward trend on Wednesday as they fell more than Rs 850 amid ease in demand as investors awaited more clarity on US trade deals. Silver prices dropped marginally too.
The 24-carat (999 purity) gold closed at Rs 96,085 per 10 grams, down Rs 887 as compared to the last day's closing price of Rs 96,972, the India Bullion and Jewellers Association (IBJA) latest data showed.
As per the data, silver was priced at Rs 107,280 per kg, down Rs 220 as compared to Rs 107,750, the last day's price.
Gold prices have been hovering around Rs 95,000 and Rs 96,500 amid geopolitical uncertainties.
"Gold is expected to remain volatile with a trading range seen between Rs 95,000 and Rs 96,500," said Jateen Trivedi, VP Research Analyst-Commodity and Currency, LKP Securities.
Meanwhile, the MCX gold also followed suit with the future contract expiring on August 5. It fell Rs 572 or 0.59 per cent to 95,900.0 per 10 grams as compared to Rs 96,472, the previous day's closing price.
At the same time, the yellow metal prices dipped in the international market as well. Comex gold fell settled at 3,294.0 per ounce, down 0.69 per cent or $22.90.
"Gold traded weak by another Rs 400 to hover near Rs 96,000 as Comex gold slipped below Rs 3,300, pressuring global sentiment. While MCX gold received limited support from a weaker rupee, the broader trend remains bearish as the US," Trivedi said.
US President Donald Trump's recent approach toward tariffs is sending a negative signal to investors and traders. Amid ongoing negotiations with various countries, the president announced a 50 per cent tariff on copper and 25 per cent to 40 per cent tariff on goods from 14 countries, including Japan and South Korea.
Meanwhile, the Indian stock markets closed lower after a volatile session on Wednesday amid selling in the IT and metals stocks.
Sensex settled at 83,536.08 and Nifty fell 46.40 points or 0.18 per cent to end the session at 25,476.10.