Gold declines ₹500 to ₹98,870/10 g; silver falls ₹1,000 to ₹1.11 lakh/kg

Gold prices in India continued their downward trajectory for the second straight session, slipping by ₹500 to ₹98,870 per 10 grams in the national capital on Wednesday. The decline was attributed to persistent selling pressure from stockists, as per the All India Sarafa Association.

Just a day earlier, gold of 99.9% purity had already weakened by ₹200, closing at ₹99,370 per 10 grams. Meanwhile, gold of 99.5% purity also witnessed a dip, falling ₹400 to ₹98,400 per 10 grams (inclusive of all taxes), compared to ₹98,800 in the previous session.

Silver prices followed suit, registering a drop of ₹1,000 to ₹1,11,000 per kilogram (inclusive of all taxes) on Wednesday. The white metal had closed at ₹1,12,000 per kg on Tuesday.

Interestingly, while gold prices in India dropped by ₹500, the international market showed a contrasting trend. Spot gold rose by USD 16.41 or 0.49% to USD 3,341.37 per ounce, with intraday levels touching USD 3,346. The uptick was driven by rising global uncertainties, including renewed tariff threats from the US targeting pharmaceuticals and semiconductors, which contributed to increased safe-haven demand.

Silver also gained nearly 1% in the global market, reaching USD 38.05 per ounce and briefly testing the USD 39 level. The movement was supported by continued inflows into silver-backed products and increased futures market activity, particularly in China. The gold/silver ratio, which stood around 100 earlier, has now declined to approximately 85.