NEW DELHI– Gold prices continued their downward trend on Wednesday, falling by more than ₹850 amid waning demand as investors awaited further clarity on U.S. trade negotiations. Silver prices also saw a modest decline.
According to the latest data from the India Bullion and Jewellers Association (IBJA), 24-carat gold (999 purity) closed at ₹96,085 per 10 grams, down ₹887 from the previous day’s closing price of ₹96,972.
Silver prices fell ₹220 to settle at ₹107,280 per kilogram, compared to ₹107,500 on Tuesday.
Gold has been fluctuating between ₹95,000 and ₹96,500 in recent days, largely driven by ongoing geopolitical uncertainties.
“Gold is expected to remain volatile, with a trading range between ₹95,000 and ₹96,500,” said Jateen Trivedi, Vice President and Research Analyst for Commodity and Currency at LKP Securities.
Domestic futures followed the trend as well. On the Multi Commodity Exchange (MCX), gold futures expiring on August 5 fell ₹572, or 0.59%, to ₹95,900 per 10 grams, compared to the previous close of ₹96,472.
The yellow metal also declined in global markets. On the Comex, gold settled at $3,294.00 per ounce, down 0.69% or $22.90.
“Gold traded weak again, dropping another ₹400 to hover near ₹96,000 as Comex gold slipped below the $3,300 mark, weighing on global sentiment,” Trivedi added. “While MCX gold saw limited support from a weaker rupee, the overall trend remains bearish.”
Investor sentiment has been dampened by U.S. President Donald Trump’s aggressive tariff stance. Amid ongoing negotiations with multiple countries, Trump recently announced a 50% tariff on copper and additional 25%–40% tariffs on goods from 14 countries, including Japan and South Korea.
Meanwhile, Indian equity markets ended lower after a volatile trading session on Wednesday, with notable selling pressure in the IT and metal sectors. The Sensex closed at 83,536.08, while the Nifty declined 46.40 points, or 0.18%, to end the day at 25,476.10. (Source: IANS)
