Gold Prices Tumble Amid Global Market Shifts

In a surprising turn of events, gold prices in the national capital fell by Rs 1,500, settling at Rs 99,250 per 10 grams on Thursday. The decline comes in the wake of a weak global market trend, as revealed by the All India Sarafa Association.

This drop interrupted a four-day upward streak with the precious metal of 99.5% purity losing Rs 1,550, closing at Rs 98,800 per 10 grams. On the international front, gold prices plummeted following an announcement by U.S. President Donald Trump about a trade deal with the UK, his first promised deal, which sent ripples through safe-haven assets.

The Sarafa Association also noted a drop in silver prices by Rs 740 per kg. Additionally, experts point to ongoing geopolitical uncertainties stemming from the Russia-Ukraine conflict and rising tensions in the Middle East and between India and Pakistan, which continue to influence bullion prices.

(With inputs from agencies.)