Latest Gold & Silver Rates: Yellow metal snaps 7-day rally, declines by Rs 200 to Rs 88,300/10g in Delhi; white metal prices slip too

Snapping the seven-day winning run, golden prices declined by Rs 200 to Rs 88,300 per 10 grammes successful the nationalist superior pursuing selling by stockists amid a bearish inclination successful planetary markets.

Gold of 99.5 per cent purity besides dropped Rs 200 to Rs 87,900 per 10 grammes from the erstwhile adjacent of Rs 88,100 per 10 grammes.

Additionally, metallic prices decreased Rs 900 to Rs 96,600 per kg from the erstwhile trading adjacent of Rs 97,500 per kg connected Monday.

Traders said the yellowish metallic prices depreciated up of Fed Chair Jerome Powell's grounds to Congress, which volition beryllium intimately watched for insights astir the US Federal Reserve's aboriginal involvement rate-cut path.

The precious metallic of 99.9 per cent purity had surged by Rs 2,430 to deed an all-time precocious level of Rs 88,500 per 10 grammes connected Monday, according to the All India Sarafa Association.

In the past 7 sessions, golden soared Rs 5,660 oregon 6.8 per cent. This year, the yellowish metallic has risen Rs 8,910 oregon 11.22 per cent.

On the MCX, golden futures for April transportation declined Rs 333 to Rs 85,483 per 10 grammes. During the day, the yellowish metallic futures touched a beingness precocious of Rs 86,360 per 10 grammes.

"Gold surged successful MCX during aboriginal greeting commercialized arsenic tariff concerns fuelled panic buying, with cardinal banks continuing their golden accumulation. However, a stronger rupee capped gains successful MCX, starring to a reversal toward Rs 85,450 earlier the evening session, highlighting persistent volatility," Jateen Trivedi, VP Research Analyst - Commodity and Currency astatine LKP Securities, said.

The upcoming US Consumer Price Index (CPI) information and Powell's grounds volition beryllium cardinal events for golden traders, arsenic the dollar scale remains astir USD 108, Trivedi added.

Silver futures for March transportation slumped Rs 1,030 oregon 1.08 per cent to Rs 94,265 per kg connected the Multi Commodity Exchange (MCX).

Globally, Comex golden futures for April transportation traded little astatine USD 2,933.10 per ounce. In the intraday session, it surged by USD 34 per ounce oregon 1.16 per cent to deed a grounds precocious of USD 2,968.39 per ounce.

"Despite immoderate profit-taking, golden prices inactive clasp comfortably supra the USD 2,900-mark, buoyed by worries astir a planetary commercialized warfare and economical uncertainty," Saumil Gandhi, Senior Analyst - Commodities astatine HDFC Securities, said.

Comex metallic futures besides quoted astir 1 per cent little astatine USD 32.17 per ounce successful the overseas markets.