Gold rates today: Yellow metal drops for second straight day, down ₹400 to ₹91,250/10 gm amid profit-booking, weak global cues

Gold rates on Friday declined in India for the second consecutive session, plunging by ₹400 to ₹91,250 per 10 gm (24K, 99.9% purity) in the national capital due to profit-booking and negative trends in the global markets, according to All India Sarafa Association. Gold of 99.5% purity slipped to ₹90,800 per 10 gm.

On Thursday, the yellow metal settled at ₹91,650 per 10 gm (99.9% purity) and ₹91,200 per 10 gm (99.5% purity).

"Gold prices fell due to profit-taking by the traders and a recovery in the US dollar. The precious metal is taking a break in response to the US Federal Reserve Chair Jerome Powell's comments about slowing US growth and higher inflation," a PTI report quoted Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, as saying.

Silver prices also declined, losing ₹1,700 to hit ₹1,00,300 per kg after closing at ₹1,02,000 per kg on Thursday, March 20, extending losses for the second straight day.

On the Multi Commodity Exchange, gold futures contracts for the April delivery plunged by ₹493 to ₹88,213 per 10 gm, while silver futures declined by ₹1,228 (1.24%) to ₹98,164 per kg in the afternoon trade on Friday.

Spot gold rates, in the overseas markets, tanked by $12.15 to $3,032.75 per ounce. Comex gold futures also traded lower at $3,036.60 per ounce, down 0.24%.

Overall, gold rates in India have been on a consistent rise since last year. In 2024 when NIFTY50 gave investors a return of 8.7%, gold gave a return of over 20%. Factors including the ongoing economic slowdown, rising inflation, geopolitical tensions and Trump’s tariffs causing trade war fears have kept the demand for gold up. On Wednesday, March 19, gold touched its all-time high of ₹91,950 per 10 gm (99.9% purity) and 91,500 per 10 gm (99.5% purity).