Gold declines Rs 1,500 to Rs 99,250 per 10 g amid weak global cues

Gold prices declined Rs 1,500 to Rs 99,250 per 10 grams in the national capital on Thursday, following a weak trend in the global markets, according to the All India Sarafa Association.

The precious metal of 99.9 per cent purity had closed at Rs 1,00,750 per 10 grams on Wednesday.

Snapping a four-day winning streak, gold of 99.5 per cent purity declined by Rs 1,550 to Rs 98,800 per 10 grams on Thursday. It had settled at Rs 1,00,350 per 10 grams in the previous session.

"Gold prices remained highly volatile as multiple global and domestic triggers played out simultaneously," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

In international markets, gold slipped sharply following US President Donald Trump's announcement of a trade agreement with the UK on Thursday, marking the first of his promised deals, triggering profit-taking across safe-haven assets, Trivedi added.

As per the Sarafa Association, silver prices fell Rs 740 to Rs 98,200 per kg from Wednesday's closing of Rs 98,940 per kg.

In the futures trade, the most traded June contract for gold dipped Rs 383 to Rs 96,707 per 10 grams on the Multi Commodity Exchange.

Spot gold in the overseas markets diminished by USD 20.69 or 0.62 per cent to USD 3,343.81 per ounce.

According to commodities market experts, persistent geopolitical risks stemming from the Russia-Ukraine war, conflicts in the Middle East, and escalating tensions between India-Pakistan acting as a tailwind for the bullion prices.