Gold prices fell ₹200 to end at ₹97,820 per 10 grams in the national capital on Tuesday due to persistent selling by stockists, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had finished at ₹98,020 per 10 grams on Monday.
In the local markets, gold of 99.5 per cent purity extended losses for the fifth straight day, falling ₹200 to ₹97,550 per 10 grams (inclusive of all taxes) on Tuesday. It had ended at ₹97,750 per 10 grams in the previous market session.
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Abans Financial Services’ Chief Executive Officer, Chintan Mehta, said that the ease in gold prices may be attributed to the confirmation of a trade deal between the US and the EU.
“Further, expectations that the US Federal Reserve will hold interest rates steady in this week's FOMC meeting have further supported the dollar," he added.
However, silver prices remained flat at ₹1,13,000 per kilogram (inclusive of all taxes) on Tuesday, as per association.
Meanwhile, spot gold rose USD 9.48, or 0.29 per cent, to USD 3,324.11 per ounce in the international markets.
“Gold is trading near USD 3,315-level as markets await key US macroeconomic data, including JOLTS job openings and CB Consumer Confidence later in the day, while US trade talks continue with Canada and South Korea,” said Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.
However, spot silver went marginally lower at USD 38.14 per ounce in global markets.
Investors are going to be awaiting key US macroeconomic data that includes ADP non-farm employment change, non-farm payrolls, unemployment rate, and GDP, which will continue to affect gold prices, said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
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