Spot silver rose nearly 1 per cent to trade at $37.90 per ounce in the overseas markets.
Quick Read
Summary is AI-generated, newsroom-reviewed
- Gold prices in India fell by Rs 1,000 to Rs 1,01,520 per 10 grams on August 12
- Silver prices dropped by Rs 2,000 to Rs 1,12,000 per kg in the Indian market
- US President Trump clarified no tariffs on gold imports, easing trade concerns
Did our AI summary help?
Let us know.Gold prices in India fell by Rs 1,000 to Rs 1,01,520 per 10 grams on August 12, mirroring a global market sell-off, according to a report by PTI. This decline was influenced by US President Donald Trump's social media statement clarifying no tariffs on gold imports, easing trade concerns, and the White House's extension of suspended tariffs on China until November 11.
Silver prices also dropped by Rs 2,000 to Rs 1,12,000 per kg. Globally, spot gold traded at $3,347.18 per ounce, up 0.13%, while silver rose nearly 1% to $37.90 per ounce. Investors are monitoring U.S. economic data and Federal Reserve signals for future price trends.
Gold Price In Delhi, Mumbai, Bengaluru, Kolkata and Chennai
- New Delhi: Gold price fell to Rs 99,890 per 10 gm from Rs 1,01,000 on Monday.
- Mumbai: Gold price dropped to Rs 1,00,070 per 10 gm from Rs 1,01,180 the previous day
- Bengaluru: Gold price was Rs 1,00,150 per 10 gm
- Kolkata: Gold price stood at Rs 99,930 per 10 gm
- Chennai: Gold price was the highest at Rs 1,00,360 per 10 gm
Reasons for Gold Price Plunge:
- Trump's Tariff Clarification: US President Donald Trump's social media statement denying tariffs on gold imports reduced trade-related concerns, lowering gold prices below $3,400 per ounce globally.
- Extended Tariff Suspension on China: The White House extended the suspension of high-level tariffs on China until November 11, easing macroeconomic tensions and contributing to the downward pressure on gold prices.
- Stronger US Dollar: The rupee appreciated by 10 paise to 87.65 against the U.S. dollar, strengthening the dollar and reducing gold's appeal as a safe-haven asset.
- Reduced Safe-Haven Demand: Speculation of a potential Russia-Ukraine truce, following talks between Trump and Vladimir Putin, diminished demand for gold as a safe-haven asset.
- Global Market Trends: The global sell-off in precious metals, with spot gold trading at $3,347.18 per ounce (up 0.13%) and silver at $37.90 per ounce (up nearly 1%), reflected the broader market dynamics impacting India's gold prices.
Featured Video Of The Day
"You Frame Rules, Don't Implement": Top Court Grills Local Authorities Over Stray Dogs
