Gold Drops by Rs 1,350 to Rs 93,000, Silver Sheds Rs 5,000 Amid Global Market Weakness

New Delhi, April 4 – After five consecutive days of gains, gold prices fell sharply in the national capital’s bullion market on Friday, dropping by Rs 1,350 to settle at Rs 93,000 per 10 grams. The decline follows a weak trend in global markets, as per the All India Sarafa Association.

On Thursday, gold of 99.9 percent purity had surged by Rs 200 to reach a new high of Rs 94,350 per 10 grams. However, by the end of the week, gold of 99.5 percent purity also declined by Rs 1,350, closing at Rs 92,550 per 10 grams, down from the previous session’s level of Rs 93,900.

As per agency report, the sharp fall in gold prices is attributed to reduced demand for safe-haven assets following U.S. President Donald Trump’s announcement of retaliatory tariffs on multiple countries. Investors have reportedly shifted their focus to assessing the broader implications of global trade tensions and their potential economic impact, which could dampen growth and market sentiment.

Silver prices also took a significant hit, plunging by Rs 5,000 to Rs 95,500 per kilogram, marking the steepest fall in four months. In the previous session, silver had closed at Rs 100,500 per kilogram.

According to Chintan Mehta, CEO of Abans Financial Services, the tariff announcement has triggered a shift in investor sentiment, leading to a decline in the prices of precious metals. Rahul Kalantri, Vice President (Commodities) at Mehta Equities, noted that while both gold and silver initially showed strength during President Trump's press conference, they eventually slid to their lowest levels in recent weeks. Gold is now at its lowest in one week, while silver has hit a five-week low.

On the international front, spot gold dropped by $21.74 or 0.70 percent to $3,093.60 per ounce. Meanwhile, spot silver in Asian markets fell by 1.69 percent to $31.32 per ounce.