Gold Prices Plummet Amidst US-China Tariff Truce; Silver Also Falls

A conciliatory stance by Trump in the US-China tariff dispute led to significant profit-taking in gold. Prices have fallen sharply in the global market.

Gold Price Today: Good news for those planning to buy gold on Dhanteras. After a significant surge in gold prices in the past few weeks, a substantial drop has now been recorded. On Friday, prices of both gold and silver closed with a heavy decline in the global market. Gold also fell during the trading session on MCX on Friday. Profit-taking was observed in gold due to a temporary reduction in geopolitical and economic concerns.

During the trading session on Friday, gold prices on MCX fell by about 3% to Rs 1,25,957 per 10 grams. It had previously reached a record high of Rs 1,32,294 per 10 grams. Silver also witnessed a sharp decline, falling by over 8% to Rs 1,53,929 per kilogram during the trading session on Friday. It had previously reached Rs 1,70,415 per kilogram.

Why did gold prices fall?

According to Ajay Kedia, Founder of Kedia Commodity, Trump is adopting a more conciliatory stance in the US-China tariff dispute, which is helping to ease tensions. Additionally, meaningful discussions are underway between America and Russia. This has weakened gold as a safe-haven asset.

Spot gold prices decline

A decline in gold prices was observed in the spot market. According to the Indian Bullion Jewelers Association, the price of 24-carat gold on Saturday fell by Rs 1294 to Rs 1,29,580 per 10 grams.

Gold falls in global market

Globally, gold prices saw a significant decline. On Friday, gold prices on COMEX closed with a substantial drop of 2.12%, or $91.30, at $4,213.30 per ounce.

Silver prices also fall globally

Along with gold, silver prices also witnessed a significant decline globally. Silver prices on COMEX closed with a drop of 5.99%, or $3.19, at $50.10 per ounce.