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After seven consecutive trading sessions of price increases, gold prices fell on Tuesday due to a slowdown in global markets and selling pressure from stockists.
In the Delhi bullion market, gold prices dropped by ₹200 per 10 grams, bringing the price down to ₹88,300 per 10 grams. Similarly, gold of 99.5% purity also declined by ₹200, settling at ₹87,900 per 10 grams, compared to ₹88,100 per 10 grams in the previous session.
Silver Prices Also Decline
Silver prices also witnessed a sharp drop.
Silver became ₹900 cheaper, bringing the price down to ₹96,600 per kg, compared to ₹97,500 per kg in the previous session.
According to market experts, the decline in gold and silver prices is attributed to investor caution ahead of the US Federal Reserve Chairman Jerome Powell's statement in Congress. Investors are closely monitoring signals regarding a possible cut in US interest rates.
Gold Still Trading at High Levels
Despite the drop, gold remains near record highs.
On Monday, gold of 99.9% purity had reached an all-time high of ₹88,500 per 10 grams, surging ₹2,430 in a single day.
Over the last seven trading sessions, gold prices had jumped ₹5,660 or 6.8%.
Since the start of the year, gold has risen by ₹8,910 or 11.22%.
Commodity expert Jatin Trivedi (LKP Securities) stated:
The US Consumer Price Index (CPI) data and Powell’s statement will be crucial for gold investors.
The dollar index is hovering around 108, which may lead to further fluctuations in gold prices.
Global Gold and Silver Market Trends
Gold prices fell in global markets as well.
Comex gold futures for April delivery traded at $2,933.10 per ounce.
During the day's trade, gold hit a record high of $2,968.39 per ounce, rising by $34 before declining.
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