New Delhi, March 21 – Gold prices in the national capital declined by Rs 400 to close at Rs 91,250 per 10 grams on Thursday, impacted by weak global trends and profit-booking by traders. As per agency report, the fall comes after gold had ended at Rs 91,650 per 10 grams on Wednesday for 99.9 percent purity.
Gold of 99.5 percent purity also registered a similar fall, settling at Rs 90,800 per 10 grams compared to Rs 91,200 on the previous day. Market analysts attributed the drop to traders booking profits after a recent rally, along with a rebound in the US dollar.
Soumil Gandhi, Senior Commodities Analyst at HDFC Securities, stated that remarks from US Federal Reserve Chair Jerome Powell regarding a slowdown in economic growth and rising inflation in the United States added to the downward pressure on the yellow metal.
Silver prices also witnessed a significant decline for the second consecutive day. The metal fell by Rs 1,700 to Rs 100,300 per kilogram, down from Rs 1.02 lakh per kilogram in the previous session.
In the international markets, spot gold slipped by USD 12.15 to USD 3,032.75 per ounce. COMEX gold futures were trading 0.24 percent lower at USD 3,036.60 per ounce.
Kainaat Chainwala, Assistant Vice President (Commodities Research) at Kotak Securities, noted that COMEX gold remained below the USD 3,040 per ounce level. However, concerns over potential retaliatory tariffs announced by former US President Donald Trump and ongoing geopolitical tensions in West Asia could sustain safe-haven demand and limit further declines.
She further added that market volatility is expected to continue, especially with the anticipation of broader tariffs and region-specific duties scheduled to come into effect on April 2.
