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Gold Prices Tumble Amid US-China Trade Easing; Biggest Single-Day Fall Since 2011
Gold: In the national capital, Delhi, gold prices have now fallen to ₹1.23 lakh per ten grams. It was ₹1,34,800 on October 17th, a decrease of nearly ₹12,000. Silver prices have also fallen from ₹1.84 lakh per kg to ₹1.72 lakh, a decrease of ₹12,000.
Gold and silver, which had been constantly recording all-time highs, are losing their shine. Last week, gold prices experienced their largest one-week fall since September 2011 in the international market, declining from ₹4,400 per ounce to ₹4,036 per ounce.
Prices of gold in the country's capital, Delhi, have now dipped to ₹1.23 lakh for ten grams. It was at ₹1,34,800 on October 17th. This amounts to a drop of almost ₹12,000. Silver also dipped from ₹1.84 lakh a kg to ₹1.72 lakh, also by ₹12,000. New York gold futures closed at a record $4,374 an ounce on Monday.
On Tuesday, gold prices fell by more than ₹250 (or 5.74%). This is the biggest single-day drop in percentage terms since September 2011. Gold sales often surge amid economic uncertainty. Amid President Donald Trump's string of tariffs on imports worldwide, growing concerns about inflation, and the weeks-long US government shutdown, most investors are turning to gold.
Even before this, tensions between countries and strong demand from central banks had fueled gold's gains in recent years. According to analysts, precious metals can be volatile. Therefore, daily fluctuations in gold prices are not unusual. This week's decline was driven by expectations of an easing of trade tensions between the US and China. Some predict that gold prices could fall further. Bureau
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Silver futures in New York fell more than 7 per cent on Tuesday. They were trading at $47.60 per ounce, down from last week's record high of $53.44. Amid recent declines in both precious metals, gold prices have risen by more than ₹50,000 per ten grams this year. Silver has become more expensive by ₹94,000 per kilogram.
Proponents of investing in gold consider it a safe haven. They argue that it can help diversify and balance an investment portfolio. It can also serve as a hedge against rising inflation, mitigating potential future risks. Nevertheless, experts advise against investing entirely in gold and silver.
