Gold falls Rs 1,200, silver up by Rs 100

New Delhi: Gold prices declined by Rs1,200 to Rs1,00,170 per 10 grams in the national capital on Tuesday due to continuous selling by jewellers and stockists in line with weak global trends, according to the All India Sarafa Association.The precious metal of 99.9 per cent purity had closed at Rs1,01,370 per 10 grams in the previous market session. Gold of 99.5 per cent purity dipped below the Rs1 lakh mark, by falling Rs1,100 to Rs99,450 per 10 grams. It had settled at Rs1,00,550 per 10 grams on Monday. "Gold corrected further as traders reevaluated the likelihood of a full-scale regional war between Israel and Iran.
This shift follows reports suggesting that Iran is actively pursuing a diplomatic resolution to its escalating conflict with Israel. "The potential for a fragile truce has fostered a bearish sentiment among gold traders," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. However, silver prices went up by Rs100 to Rs1,07,200 per kilogram on Tuesday. The white metal had ended at Rs1,07,100 per kg in the previous market close. Globally, spot gold was trading lower at $3,380.65 per ounce. Meanwhile, spot silver went up 0.44 per cent to $36.47 per ounce in the international markets.

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