Gold prices fell sharply on Wednesday, amid weak global clues and cautious investor sentiment. In the domestic market, precious metals fell at Rs 850 per 10 grams, and silver prices also fell.
According to the latest data from the Indian Gold Bars and Jewelers Association (IBJA), the closing price of 24 carat gold (999 purity) is Rs 96,085 per 10 grams, down Rs 887 from the previous closing price of Rs 96,972. Silver is priced at Rs 107,280 per kilogram, marking the price of Rs 107,750 at Rs 220.
Driven by geopolitical uncertainty and global economic development, gold fluctuates between 95,000 and 96,500 rupees in recent days. Analysts expect this volatility to continue in the short term.
“Gold is expected to remain volatile with trading ranges between Rs 95,000 and Rs 96,500,” said Jateen Trivedi, vice president of commodity and currency LKP Securities, vice president of Rs 95,000.
MCX Gold Futures (expired on August 5) fell by Rs 572 or 0.59% of currency settlements, priced at Rs 95,900 per 10 grams per 10 grams, reflecting the spot market.
On the international front, COMEX gold also lost its ground, settled at $3,294.0 per ounce, down 0.69% or $22.90. One dollar and changing sentiment put pressure on metals on the development of global trade.
Trivedi added: “GOLD’s trading volume is Rs 400, which will hover near Rs 96,000, due to the low global sentiment pressure below $3,300. The overall trend remains bearish despite the weaker Rs.
Investor sentiment is influenced by US President Donald Trump’s aggressive tariff strategy, which includes tariffs of 50% and 25-40% on copper, including goods from 14 countries, including Japan and South Korea. This creates new uncertainty in global markets, leading to cautious movements in commodities and stocks.
Meanwhile, the Indian stock market ended lower after a volatile meeting. Sensex ended at 83,536.08, while Nifty dropped 46.40 points, or 0.18%, down with a score of 25,476.10, delaying by selling its and metal stocks.
