Gold rate today: Yellow metal plunges by ₹1,150 to ₹88,200 per 10 gm, silver declines ₹1,000 amid weak global cues

Domestic gold prices on Thursday plunged as much as ₹1,150 to ₹88,200 per 10 gm in the national capital amid weak global market trends, according to the All India Sarafa Association.

Previously on February 25, gold of 99.9% purity was at ₹89,350 per 10 gm. The decline today was driven by a bearish trend in global markets.

Bullion markets were closed on Wednesday, February 26 on account of Mahashivratri.

Gold of 99.5% purity also tumbled by ₹1,150 to ₹87,800 per 10 gm as against the previous close of ₹88,950 per 10 gm.

Silver prices decreased for a second session, hitting ₹98,500 per kg, down ₹1,000 as compared to the previous close of ₹99,500 per kg.

Gold prices declined in the futures trade on the Multi Commodity Exchange (MCX) as well. Gold contracts for April delivery plunged by ₹554 to ₹85,320 per 10 gm.

"Gold prices traded weak as a sell-off was witnessed in MCX, where gold saw a decline touching ₹85,000. Further weakness may emerge if MCX gold breaches ₹84,800," Jateen Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said to PTI.

Market participants will closely watch the Core PCE (Personal Consumption Expenditures) Price Index data on Friday for further cues, Trivedi added.

Comex gold futures for April delivery declined by $23.10 per ounce or 0.79% to $2,907.50 per ounce. Additionally, spot gold prices slipped below the $2,900-mark hitting $2,892.95 per ounce.

In the Asian market hours, silver futures also dropped 0.34% lower at $32.47 per ounce.

"Gold prices corrected after surging to yet another record high as the dollar edges higher on tariff concerns, but safe-haven demand remains strong as Trump in his latest speech announced a 25% tariff on imports from the European Union and stated that tariffs on Mexico and Canada would now take effect on April 2 instead of the earlier March 4 deadline," Chief Executive Officer of Abans Holdings Chintan Mehta told PTI.

Mehta further added that the markets have become uncertain as the likelihood of tariffs being implemented on Mexico and Canada remains unclear, driving continued demand for gold.