Gold falls ₹500 to ₹1,01,020/10 g, silver trades flat

Gold prices slipped ₹500 to ₹1,01,020 per 10 grams in the national capital on Wednesday due to continuous selling by stockists, according to the All India Sarafa Association.

The precious metal of 99.9% purity had closed at ₹1,01,520 per 10 grams in the previous market session.

In the national capital, gold of 99.5% purity dipped ₹500 to ₹1,00,600 per 10 grams (inclusive of all taxes) on Wednesday.

However, silver prices traded flat at ₹1,12,000 per kilogram (inclusive of all taxes) on Wednesday.

Spot gold in the overseas markets went up by $10.79 or 0.32% to trade at $3,358.99 per ounce in New York.

"Spot gold is trading steady near $3,350 per ounce as traders await speeches from several Fed officials, along with US Producer Price Index and retail sales data, for further clues on the monetary policy outlook," Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, said.

Spot silver rose 1.58% to trade at $38.51 per ounce.

"US President Donald Trump's ongoing political pressure on Federal Reserve Chair Jerome Powell to lower interest rates has heightened market anxiety, further boosting gold's status as a safe-haven asset," Abans Financial Services CEO Chintan Mehta said.

According to Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, traders are now focusing on the upcoming talks between US President Donald Trump and his Russian counterpart Vladimir Putin set for Friday, which could lead to a new direction for gold prices.