New Delhi, June 25: Gold prices continued their downward trend on Wednesday, slipping ₹300 to settle at ₹98,600 per 10 grams in the national capital, as per the All India Sarafa Association. The dip is attributed to persistent selling by stockists and weak global cues.
On Tuesday, gold of 99.9% purity had closed at ₹98,900 per 10 grams. Meanwhile, gold of 99.5% purity also dropped by ₹250 to ₹98,050 per 10 grams (inclusive of all taxes), marking the fifth consecutive session of decline.
According to Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, “Gold prices consolidated at the lower end of the range with a slightly bearish tone. The announcement of a ceasefire between Iran and Israel has eased geopolitical tensions, reducing safe-haven demand and pushing gold to a two-week low.”
Silver prices also witnessed a steep fall, tumbling ₹1,100 to ₹1,03,100 per kilogram on Wednesday. The white metal had ended at ₹1,04,200 per kg in the previous session.
In the international market, spot gold was trading marginally lower at USD 3,322.56 per ounce.
Jateen Trivedi, VP – Research Analyst at LKP Securities, noted, “Investors are awaiting key economic triggers such as Fed Chair Jerome Powell’s testimony, along with US GDP data and the Core PCE Price Index. These are important indicators that could influence the Federal Reserve’s stance on interest rates.”
Chintan Mehta, CEO of Abans Financial Services, added that markets remain sensitive to escalating trade tensions and geopolitical risks, which may impact global financial markets and commodity prices. He warned that any further escalation could heighten volatility, particularly in safe-haven assets and crude oil.
Overall, investors are expected to remain cautious amid mixed global signals and uncertain macroeconomic indicators.
