Gold prices in India hits another higher high of over ₹1.07 lakhs, echoing the uncertainty in equity markets.
Gold prices in India today slipped below the Rs 1,00,000 mark as global and domestic factors pressured the yellow metal and the fall came after reports of possible trilateral peace talks between Russia, Ukraine, and the US. The easing of geopolitical tensions reduced safe-haven demand while investors also turned their attention to US Fed Chair Jerome Powell’s upcoming speech for clues on a potential rate cut. On Wednesday, gold traded at Rs 99,530 per 10 grams according to the India Bullions Association, down from Rs 99,650 the previous day.
In India, the yellow metal saw consistent declines across key cities. In New Delhi, gold slipped to Rs 99,180 per 10 grams compared to Rs 99,290 on Tuesday. In Mumbai, the price fell to Rs 99,350 from Rs 99,460 the day before. Bengaluru recorded Rs 99,430, while Kolkata stood at Rs 99,220 per 10 grams. Chennai reported the highest price among metros at Rs 99,640 per 10 grams.
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Over the last six months, gold peaked at Rs 1,02,090 on August 10. The lowest level during the same period was Rs 87,100, seen on April 7.
On the global front, spot gold traded lower at $3,313 an ounce, according to the World Gold Council. October 3 futures on the Multi Commodity Exchange dropped 0.70% and traded at Rs 98,710. Market experts noted that easing tensions and potential monetary easing by the US Federal Reserve continue to weigh on gold prices.
In India, the yellow metal saw consistent declines across key cities:
Over the last six months, gold peaked at Rs 1,02,090 on August 10. The lowest level during the same period was Rs 87,100 on April 7.
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Silver followed the downward trend. Prices corrected by 0.86% and closed at $37.98 per ounce during the previous week. On the Multi Commodity Exchange, silver slipped by 0.82% and ended at Rs 1,13,943. The India Bullion Association listed silver at Rs 113,920 per kilogram, September 5 futures for silver showed a slight 0.01% increase and traded at Rs 1,11,358.
Analysts believe that the easing of geopolitical concerns has weakened the safe-haven demand for precious metals. At the same time, investors remain cautious ahead of Jerome Powell’s speech, which could signal the US Federal Reserve’s stance on interest rate cuts and lower interest rates typically support gold, but the present optimism around peace talks has shifted sentiment.
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Gold’s sharp correction below Rs 1,00,000 signals a volatile phase for the metal, with traders watching both global events and central bank cues while silver’s weakness further highlights the pressure on safe-haven assets. The coming days will determine whether prices stabilize or see further declines.
