Gold rate today: Gold price drops Rs 500 to Rs 98870 per 10g, silver prices see a big fall, plunges Rs 1000 per kilogram; Check details

Gold prices on Wednesday dropped by Rs. 500 in the national capital, reaching Rs. 98,870 for 10 grams, as per the All India Sarafa Association. This is the second day in a row that gold prices have gone down, mainly because stockists (large buyers or sellers) are selling off their gold. On Tuesday, gold (99.9 per cent pure) had already fallen by Rs. 200, closing at Rs. 99,370 for 10 grams.

Gold with 99.5 per cent purity also became cheaper. It went down by Rs. 400, now costing Rs. 98,400 for 10 grams (including all taxes). On Tuesday, it was priced at Rs. 98,800.

Silver Prices Also Drop

Silver prices also fell by a big margin. On Wednesday, silver dropped Rs. 1,000 per kilogram, now priced at Rs. 1,11,000 (including taxes). Just a day before, on Tuesday, silver was at Rs. 1,12,000 per kg.

Both gold and silver are seeing a decline in value, which may be good news for people planning to buy jewellery or invest in precious metals.

Gold and Silver Prices Rise in Global Markets

While gold and silver prices dropped in India, the global markets saw an increase in their value.

In the international market, spot gold rose by USD 16.41 or 0.49 per cent, reaching USD 3,341.37 per ounce.

According to Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, gold gained strength due to fresh tariff threats from U.S. President Donald Trump. He recently hinted at new taxes on pharmaceutical products by the end of the month, and possibly on semiconductors as well.

Chainwala also said that investor confidence is still low because of the planned tariffs on 25 countries, including Canada, Mexico, and countries in the European Union, which are expected to start from August 1.

Silver Follows the Same Trend

Spot silver prices also went up by nearly 1 per cent, trading at USD 38.05 per ounce globally.

Experts noted that while gold prices are stabilizing, silver is gaining momentum. It even reached as high as USD 39 per ounce, showing that investor interest in silver is growing again.

(With PTI inputs)

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