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The price of silver also fell by 0.38% to Rs 1,08,124 per kg, which was Rs 1,08,429 in the previous session.
Gold prices dip in India (Source: Internet)
New Delhi: Gold rate opened at Rs 96,485 per 10 grams on the Multi Commodity Exchange (MCX) with a fall of 0.52%, while its previous closing level was Rs 96,990. At the same time, the price of silver also fell by 0.38% to Rs 1,08,124 per kg, which was Rs 1,08,429 in the previous session.
By 9:10 am, gold was trading at Rs 96,500 per 10 grams, down by Rs 490 or 0.51%. At the same time, the price of silver fell by Rs 143 or 0.13% to Rs 1,08,286 per kg. This decline has come not due to domestic but due to global signals, which also affected the bullion market of India.
Weakness was also seen in prices in the international bullion market. Spot gold prices fell 0.6% to $3,314.21 an ounce, while US gold futures also slipped 0.6% to trade at $3,322 an ounce. Spot silver prices also fell 0.8% to $36.81 an ounce.
The biggest reason behind this decline is the new announcements related to trade policy by US President Donald Trump. Trump has indicated that the US will soon finalize a trade agreement with several countries and a decision will also be taken on the extension of tariff rates by 9 July.
Investors should remain cautious (Source: Internet)
According to experts, these announcements have increased uncertainty among investors. Jigar Trivedi, senior analyst at Reliance Securities, said, the possibility of tariff extension has weakened gold's safe investment image, leading to a fall in prices.
Apart from this, the recent strong employment data in the US has also reduced the chances of the Federal Reserve cutting interest rates in July. This has also strengthened the dollar and investors have started distancing themselves from gold.
Experts believe that investors should remain cautious for the time being. Globally, the market is waiting for Trump's announcements, the Fed's upcoming policies and tariff-related changes. If the US implements its tariff extension, then gold prices may rise again, as this will further increase uncertainty in the market.
This fall in gold prices can be considered a temporary relief for customers. This can be a good opportunity for those buying gold for wedding or investment purposes, but experts believe that from a long-term perspective, prices may go up again.
The fall in the prices of both gold and silver is mainly due to global signals and statements about the US trade policy. Investors are currently adopting a cautious stance and the future direction will depend on Trump's tariff decisions and the Fed's monetary policy. Till then, this is definitely some relief news for the customers.
