Gold tumbles ₹1,550 amid trade war fears

Gold prices tumbled by Rs 1,550 to Rs 91,450 per 10 gm in the national capital on Monday amid heavy selling by jewellers and stockists as well as weak global trend, according to the All India Sarafa Association.

On Friday, the precious metal of 99.9 per cent purity had finished at Rs 93,000 per 10 grams.

Gold of 99.5 per cent purity plunged by Rs 1,550 to Rs 91,000 per 10 gm. It had closed at Rs 92,550 per 10 gm in the previous market close.

“Gold price slipped…on Monday as panic selling in the equity market and other asset classes continues to weigh down on safe-haven precious metals,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

Continuing the losing streak for the fifth consecutive day, silver prices slumped by Rs 3,000 to Rs 92,500 per kg from Friday’s closing level of Rs 95,500 per kg.

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