Gold prices slipped marginally by Rs 200 in the national capital on Tuesday, while silver prices remained unchanged amid subdued local demand.
According to marketmen, gold of 99.9 per cent purity fell Rs 200 to Rs 1,59,200 per 10 grams (inclusive of all taxes) from Monday’s closing level of Rs 1,59,400 per 10 grams.
However, silver prices remained unchanged at Rs 2,60,700 per kg.
Analysts said easing geopolitical tensions boosted sentiment in domestic equity markets and supported the rupee, prompting investors to move away from precious metals.
However, firm global trends capped losses in the local markets, as overseas bullion prices advanced on easing concerns over energy-driven inflation, they added.
In the global markets, spot gold and silver were traded nearly 1 per cent higher at USD 4,344.36 and 70.43 per ounce, respectively.
“Spot gold continues to benefit on lower oil prices that have sunk to fresh cycle low on Tuesday as the US Vice President JD Vance signed the US-Iran deal electronically,” Praveen Singh, Head of commodities at Mirae Asset ShareKhan, said.
Meanwhile, silver hovered near USD 70.5 per ounce as traders adopted a cautious stance ahead of key US economic data releases and the Federal Reserve’s policy decision, Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said.
Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said: “Market participants are also closely monitoring developments surrounding the ongoing US-Iran agreement, which continues to influence sentiment across bullion and commodity markets.”
