Gold Price Drops Rs 200, Silver Trades Flat: Rediff Moneynews

In the previous market close, the precious metal of 99.9 per cent purity had settled at Rs 89,300 per 10 grams.

Gold of 99.5 per cent purity depreciated by Rs 200 to Rs 88,700 per 10 grams from Wednesday’s closing level of Rs 88,900 per 10 grams.

However, silver traded flat at Rs 99,000 per kg.

Gold futures for April delivery slipped by Rs 112 to Rs 85,721 per 10 grams on the Multi Commodity Exchange.

On the global front, Comex gold futures went lower by USD 12.20 or 0.42 per cent to USD 2,913.80 per ounce. Meanwhile, spot gold slipped by USD 15.57 to USD 2,903.82 per ounce.

“Gold prices fell on Thursday as investors weighed the latest tariff developments and their implications after Secretary Lutnick reiterated Trump could ease tariffs for Mexico and Canada,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

Gandhi further said, Secretary Lutnick statements have undermined the safe haven flow for gold and sparked profit booking in precious metals.

“Short-term traders also cut their long positions after the US exempted Mexican and Canadian automakers from tariffs for one month, reducing the fear of further escalation of the trade war,” he added.

Comex silver futures in the Asian market hours traded 0.31 per cent lower at USD 33.03 per ounce.

According to LKP Securities’ VP Research Analyst – Commodity and Currency, Jateen Trivedi, with major economic data lined up, including US ADP nonfarm employment, nonfarm payrolls, and unemployment data, volatility is expected to persist in the bullion prices.