Traders said sentiment turned distinctly weak after gold prices slumped in global markets as Swiss voters rejected a plan for their central bank to accumulate bullion and oil extended its decline to five-year low, curbing demand for the precious metal.
Goods from sectors, including agriculture, precious stones, chemicals, pharma, medical devices, electricals, and machinery may get impacted if the US will go ahead with imposing reciprocal tariffs on Indian products, according to experts. They said that these sectors could face additional customs duties from the Trump administration because of the high tariff differential or gap, which is the difference between the import duties imposed by the US and India on a product.
Silver coins also tumbled by Rs 1,000 to Rs 52,000 for buying and Rs 53,000 for selling of 100 pieces.
Gold prices fell by Rs 160 to Rs 30,000 per ten grams in New Delhi on sustained selling by stockists against sluggish demand amid a weak global trend.
Silver managed to recover some grounds.
Silver traded lower by Rs 135 to Rs 36,750 per kg.
Gold on Tuesday eased by Rs 25 to Rs 27,450 per ten grams on favourable cues.
A weak global trend on speculation that signs of a strengthening US economy might reduce demand for the precious metals as safe haven also influenced the sentiment, traders said.
Gold prices on Tuesday drifted by Rs 70 to Rs 27,050 per ten grams at the bullion market owing to slackened demand.
Silver also fell 0.7 per cent to $15.71 an ounce.
Traders said apart from fall in demand from jewellers and retailers at prevailing levels, a weak global trend as the strengthening dollar eroded appeal for the precious metal, mainly influenced sentiments in New Delhi.
India's merchandise exports in April 2024 marginally rose to $34.99 billion from $34.62 billion in the year-ago month, according to government data released on Wednesday. Imports too increased to $54.09 billion from $49.06 billion in April 2023.
Traders said fall in demand from jewellers and retailers due to end of festive season and a weak global trend where gold retreated from a six-week high as investors expected the Federal Reserve to end its bond-buying programme this week, eroding safe-haven demand, mainly pulled down precious metal prices here.
Silver staged a comeback by rising Rs 300 to Rs 36,800 per kg,
Traders said increased buying of gold by stockists and jewellers to meet the rising festive and marriage season demand, amid firming global trend, influenced the sentiment.
Silver also eased by Rs 200 to Rs 37,200 per kg.
Silver followed suit and shed Rs 100 to Rs 36,050 per kg.
Silver also plunged by Rs 1,430 per kg on poor offtake by industrial units and coin makers.
Silver also traded lower by Rs 400 at Rs 37,600 per kg.
Silver also recorded a significant rise of Rs 960 to Rs 39,250 per kg on increased offtake by industrial units and coin makers.
Gold prices declined by Rs 100 to Rs 28,200 per 10 grams at the bullion market on Friday
Gold lost its sheen with prices falling by Rs 120 to Rs 28,300.
Gold prices drifted by Rs 100 to Rs 28,400 per ten grams at the bullion market today as demand from jewellers and retailers eased at existing levels amidst a weak global trend.
Gold remained higher by adding another Rs 70 to Rs 27,550 per ten grams at the bullion market on Tuesday.
Traders said sentiments remained weak due to fall in demand from jewellers and retailers amidst gold retreating in global markets.
Traders said sentiment remained weak after gold dropped to a seven-month low and silver slumped to the lowest since June 2013 in global markets as speculation that US borrowing costs will rise sooner-than-expected strengthened the dollar, eroding demand for precious metals as alternative investment.
Traders said besides low demand from jewellers and retailers, a weakening global trend -- amid the US employment data and strengthening dollar reducing appeal for the precious metals -- kept pressure on gold prices.
Gold plunged by Rs 340 to Rs 30,660 per ten grams in the national capital on Friday on fall in demand amid a steep decline in the global markets.
Silver ready declined Rs 160 to Rs 37,240 per kg.
In the international market, gold dropped 0.3 per cent to $1,141.76 an ounce in Singapore today.
Silver also recovered by Rs 200 to Rs 37,000 per kg.
Bullion traders attributed the rise in precious metal prices to emergence of buying by jewellers and retailers driven by ongoing 'Navratras', considered as an auspicious week for making new purchases according to Hindu mythology.
Mutual funds have launched a clutch of new fund offers in the silver ETF (exchange traded fund) category this year and collected Rs 1,400 crore in assets after the introduction of the newly-created investment asset class by market regulator Sebi in 2021. Further, fund houses including Kotak Asset Management Company have filed draft documents with the markets regulator to float silver ETF as well as silver ETF fund of funds for investors, information with the Securities and Exchange Board of India (Sebi) showed. These NFOs (new fund offers) are providing an opportunity to the investors to digitally invest and own silver which is easily tradable during market hours.
The slide in gold continued for the second straight day, with prices tumbling by Rs 200 to Rs 28,100 per ten gram at the bullion market on Friday largely in tandem with a weakening trend overseas amid low demand from jewellers.
Silver also extended its losing streak for the seventh straight session and declined by Rs 350 to Rs 44,200 per kg.
Traders said besides increased offtake by jewellers, both precious metals improved on some buying by investors who shifted their money from easing equities to the bullion.
Silver also turned weak and prices eased by Rs 100 to Rs 36,900.
After Wednesday's rise, gold prices drifted by Rs 190 to close at Rs 27,610 per ten gram in New Delhi on easing demand from jewellers and retailers amidst a weak global trend.
Traders said sentiment remained bearish after gold and silver fell in global markets as the dollar's rally to a 13-month high dampened demand for the precious metal as an alternative investment.
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