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Gold declines ₹700 to ₹98,420/10 g

The precious metal of 99.9 per cent purity had closed at ₹99,120 per 10 grams in the previous market session, although it had already crossed ₹1 lakh recently

News Arena Network - New Delhi - UPDATED: July 9, 2025, 06:15 PM - 2 min read

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Gold prices were down by ₹700 to ₹98,420 per 10 grams in the national capital on Wednesday in line with weak global trends, according to the All India Sarafa Association.


The precious metal of 99.9 per cent purity had closed at ₹99,120 per 10 grams in the previous market session, although it had already crossed ₹1 lakh recently.


Gold of 99.5 per cent purity depreciated by ₹600 to ₹98,000 per 10 grams (inclusive of all taxes). It had settled at ₹98,600 per 10 grams on Tuesday.

 

Also Read: Trump's 200% pharma tariff may hurt Indian drug exports


Additionally, silver prices too plunged by ₹800 to ₹1,04,000 per kg (inclusive of all taxes) on Wednesday. The white metal had ended at ₹1,04,800 per kg in the previous market close.


Saumil Gandhi, senior analyst, commodities at HDFC Securities, said gold prices were experiencing selling pressure due to reduced expectations for a US Federal Reserve rate cut in July and a strengthening US dollar.


“The US dollar remains strong, trading near a two-week high, as market participants anticipate that the Fed will maintain elevated interest rates considering expected worsening inflation driven by higher import taxes and a resilient US labour market,” he said.


On the global front, spot gold went lower by USD 11.66 or 0.35 per cent to USD 3,289.81 per ounce.


“Gold prices dropped below USD 3,300 per ounce as markets balanced US interest rate cut prospects with new trade risks,” remarked Rahul Kalantri, Vice-President of Commodities, Mehta Equities.


US President Donald Trump had announced sweeping new tariffs on Tuesday and ruled out extending the August 1 tariff deadline. He also announced 50 per cent tariff on copper and possible 200 per cent duties on pharmaceuticals.


The tariffs are expected to stoke US inflation, trimming the likelihood of more aggressive Federal Reserve easing. Investors will be awaiting the June FOMC (Federal Open Market Committee) minutes later in the day for further clues on the Fed's interest path, Kalantri added.

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