Gold Rate Today: After the US announced a 90 -day relief in duty on Chinese imports, traders distanced their distance from safe investment, causing a steep fall of Rs 3,400 per 10 grams to Rs 96,550 in the national capital on Monday. According to the All India Bullion Association, this precious metal with 99.5 percent purity declined by Rs 3,400 to Rs 96,100 per 10 grams on Monday. This is the biggest decline in 10 months since the fall of gold prices on 23 July 2024 by Rs 3,350.
On Saturday, gold with 99.9 and 99.5 percent purity was stable at Rs 99,950 and Rs 99,500 per 10 grams respectively.
Rahul Kal Minister, vice-president of Commodities of Mehta Equality Limited, said, “There has been signs of progress in trade talks between the US and China and there has been some decrease in geopolitical tension between India and Pakistan.”
In addition, silver was at Rs 200 per kg by the end of Saturday. It fell to Rs. 99,700.
After trade talks in Geneva over the weekend, the US agreed to reduce its 145 percent tariff rate to 30 percent on Chinese goods. But China has agreed to reduce its tariffs on American goods to 10 percent for a period of 90 days.
In futures trading, the most trading contract on the Multi Commodity Exchange (MCX) was trading at Rs 3,932 per 10 grams with a gain of 4.07 percent. It was trading at Rs 92,586.
According to Jatin Trivedi, vice-president of Commodity and currency of LKP Securities, geopolitical tension has decreased with the signs of a possible agreement between Russia and Ukraine and the consent of military action between India and Pakistan. Trivedi said that these developments have led to a huge profit booking in gold.
