Fresh selling by stockists led to a decline in gold prices on Tuesday, with gold ending at ₹99,370 per 10 grams, down ₹200, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had settled at ₹99,570 per 10 grams on Monday.
Gold of 99.5 per cent purity, meanwhile, slipped by ₹200 to ₹98,800 per 10 grams (inclusive of all taxes) from the precious close of ₹99,000 per 10 grams.
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Silver prices plunged by ₹3,000 to ₹1,12,000 per kg (inclusive of all taxes) on Tuesday., retaining its ₹1 lakh-mark after the white metal rallied by ₹5,000 to hit a record high of ₹1,15,000 per kg on Monday.
“Gold and silver witnessed sharp intraday volatility, rising initially but later retreated from their highs as the US Dollar index rebounded,” said Rahul Kalantri, Vice-President of Commodities, Mehta Equities.
Also, investors opted to book profits ahead of the crucial US inflation data to be released later in the day for more direction on the trajectory of bullion prices, Kalantri added.
Meanwhile, spot gold rose by USD 20.62 or 0.62 per cent to USD 3,364.14 per ounce in the international markets.
“Gold remains range-bound despite elevated geopolitical and trade tensions. Safe-haven demand has picked up modestly after President Donald Trump's 30 per cent tariff announcement on imports from Mexico and the EU, though hopes for negotiations have limited sharp gains,” Chintan Mehta, Chief Executive Officer, Abans Financial Services, said.
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