NEW DELHI, May 29:  Gold prices declined by Rs 500 to Rs 98,500 per 10 grams in the national capital on Thursday amid weak global cues, according to the All India Sarafa Association.

  The yellow metal of 99.5 per cent purity fell Rs 500 to Rs 98,000 per 10 grams (inclusive of all taxes).

“Gold prices continued to correct as easing tariff risks, and a more cautious Federal Reserve dampened safe-haven demand,” Abans Financial Services’ Chief Executive Officer Chintan Mehta said.

Mehta further said that the US Federal Reserve’s May meeting minutes revealed that policymakers are adopting a wait-and-see approach on the timing of interest rate cuts, as they assess the economic impact of recent policy moves, including the now-blocked reciprocal tariffs by the US Court of International Trade.

However, silver prices traded flat in the local markets at Rs 1,00,000 per kg (inclusive of all taxes) on Thursday.

Additionally, the ongoing conflict between Israel and Hamas in the Middle East continues to fuel instability and global uncertainty, bolstering safe-haven demand for gold and providing some upward support to prices despite other headwinds, he said.

Spot gold in the international markets fell by USD 17.94 per ounce or 0.54 per cent to USD 3,304.46 per ounce.

Kotak Securities’ AVP-Commodity Research Kaynat Chainwala said, “Investors are now keenly awaiting US macroeconomic data later in the day, such as preliminary GDP, weekly jobless claims, and pending home sales, for further economic cues”. (PTI)