Gold prices in the national capital fell sharply by ₹1,150 to ₹88,200 per 10 grams on Thursday, following a bearish trend in global markets, according to the All India Sarafa Association.
Gold of 99.5 per cent purity also dropped by ₹1,150 to ₹87,800 per 10 grams from its previous closing of ₹88,950 per 10 grams.
Similarly, silver prices took a hit, tumbling by ₹1,000 to ₹98,500 per kilogram from the previous close of ₹99,500 per kilogram. Bullion markets were closed on Wednesday for Mahashivratri.
On the Multi Commodity Exchange (MCX), gold futures for April delivery declined by ₹554 to ₹85,320 per 10 grams.
Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, commented on the market situation, stating, “Gold prices traded weak as a sell-off was witnessed in MCX, where gold saw a decline touching ₹85,000. Further weakness may emerge if MCX gold breaches ₹84,800.”
Trivedi also mentioned that market participants will be closely watching the Core PCE Price Index data on Friday for further cues.
In the international markets, Comex gold futures for April delivery dropped by $23.10 per ounce or 0.79 per cent to $2,907.50 per ounce. Spot gold prices slipped below the $2,900 mark, settling at $2,892.95 per ounce.
Abans Holdings’ Chief Executive Officer Chintan Mehta explained, “Gold prices corrected after surging to yet another record high as the dollar edges higher on tariff concerns, but safe-haven demand remains strong as Trump in his latest speech announced a 25 per cent tariff on imports from the European Union and stated that tariffs on Mexico and Canada would now take effect on April 2 instead of the earlier March 4 deadline.”
Mehta further highlighted the uncertainty in the markets due to the potential implementation of tariffs on Mexico and Canada, which is driving continued demand for gold.
Silver futures in the Asian market also saw a decline, quoting 0.34 per cent lower at $32.47 per ounce.
According to Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, investors are eagerly awaiting key US macroeconomic data such as weekly jobless claims, January durable goods orders, and preliminary Q4 GDP.
Gandhi also noted that speeches from US Federal Reserve members could impact bullion prices and US dollar trends later on Thursday.
