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Gold fell by Rs 3400 due to US-China trade agreement, price at Rs 96550 per 10 grams
Gold Price: According to the All India Sarafa Association, this precious metal of 99.5 percent purity fell by Rs 3,400 to Rs 96,100 per 10 grams on Monday. This is the biggest fall in 10 months after gold prices fell by Rs 3,350 on 23 July 2024. Let's know the market condition.
Traders shifted away from safe-haven investments following the US news of deferment of duty on Chinese imports by 90 days and the gold price in the capital on Monday plummeted by a whopping Rs 3,400 to Rs 96,550 per 10 grams.
As per the All India Sarafa Association, the gold of 99.5 fineness dipped by Rs 3,400 to Rs 96,100 per 10 grams on Monday. This is the largest drop in the past 10 months following the price of gold dipped by Rs 3,350 on July 23, 2024.
On Saturday, the price of gold of 99.9 and 99.5 percent purity closed at Rs 99,950 and Rs 99,500 per 10 grams. Rahul Kalantri, Vice President (Commodity), Mehta Equities Limited, said, "Gold prices fell sharply amid signs of progress in trade talks between the US and China and some relief in geopolitical tensions, including India-Pakistan."
Apart from this, the price of silver also fell by Rs 200 to Rs 99,700 per kg, while on Saturday the price of silver closed at Rs 99,900 per kg. Following trade talks in Geneva over the weekend, the US agreed to reduce its 145% tariff rate on Chinese goods to 30%, while China agreed to reduce its rate on US goods to 10% for a period of 90 days.
