NEW DELHI– After a two-day rally, gold and silver prices declined on Tuesday as global markets reacted to mounting uncertainty surrounding U.S. tariffs.
According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold dropped by over ₹300. Ten grams of 24-carat gold fell ₹387, from ₹98,303 to ₹97,916.
Prices for 22-carat gold also declined, with 10 grams dropping ₹354 from ₹90,045 to ₹89,691. Meanwhile, 18-carat gold fell by ₹290, from ₹73,727 to ₹73,437.
“Continued tariff escalations by the U.S. on its global trade partners have kept uncertainty high, which typically supports safe-haven buying in gold,” said Jateen Trivedi, analyst at LKP Securities.
Silver also saw a sharp dip, with prices falling ₹1,870 per kilogram—from ₹1,13,867 to ₹1,11,997.
Despite the decline in the spot market, futures trading showed mixed signals. Gold futures expiring on August 5, 2025, rose slightly by 0.04% to ₹97,815 on the Multi Commodity Exchange (MCX), while silver futures expiring on September 5 fell by 0.29% to ₹1,12,611.
Global markets reflected a similar divergence. On the Comex, silver prices dropped 0.38% to $38.59 per ounce, while gold inched up 0.21% to $3,366.20 per ounce.
“Gold traded within a narrow band of ₹97,750 to ₹98,050, tracking positive momentum on Comex near $3,365 with a $20 gain,” Trivedi added.
With U.S. Consumer Price Index (CPI) data due later this week, traders remain cautious, and analysts expect continued volatility in gold prices, likely ranging between ₹97,500 and ₹98,500.
For buyers, Tuesday’s dip offered a temporary reprieve, creating an opportunity to purchase gold and silver at lower prices before further market shifts. (Source: IANS)
