Gold slips ₹300 to ₹98,600/10 g, silver plunges ₹1,000 amid weak global cues

Gold prices slipped ₹300 to ₹98,600 per 10 grams in the national capital on Wednesday due to unabated selling by stockists in line with weak global trends, according to the All India Sarafa Association.

The precious metal of 99.9% purity had closed at ₹98,900 per 10 grams on Tuesday.

Extending the losses for the fifth straight session, gold of 99.5% purity dipped by ₹250 to ₹98,050 per 10 grams (inclusive of all taxes).

"Gold consolidated at the lower end of the range with a moderate bearish bias on Wednesday amid mixed signals.

"The easing of geopolitical concerns, following the announcement of a ceasefire between Iran and Israel, reduced safe-haven demand and pushed gold prices to a two-week low," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

Meanwhile, silver prices also plunged by ₹1,100 to ₹1,03,100 per kilogram (inclusive of all taxes) on Wednesday. The white metal had ended at ₹1,04,200 per kg in the previous market session.

Spot gold in the overseas markets went lower marginally to $3,322.56 per ounce.

"Investors will be awaiting the next key triggers, which include Fed Chair Jerome Powell's testimony later in the day, along with US GDP data and the Core PCE Price Index, both crucial indicators for the Fed's interest rate outlook," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.

According to Abans Financial Services' Chief Executive Officer Chintan Mehta, markets will remain focused on escalating trade tensions and rising geopolitical risks in the days ahead, as these factors not only drive safe-haven demand but also keep upward pressure on crude oil prices.

Any further escalation could fuel volatility across commodities and global financial markets, Mehta said.