Gold Prices Dip Below Rs 79,000 Amid Weak Global Trends

Gold prices decreased to Rs 78,850 per 10 grams in the national capital due to poor demand and weak global trends. The price of 99.5% purity gold also fell, while silver saw a slight increase. Market sentiment was influenced by geopolitical tensions and upcoming US economic data.

Gold prices slipped below Rs 79,000 per 10 grams in the national capital on Wednesday, driven by sluggish demand from stockists and retailers as global trends weakened, according to the All India Sarafa Association.

The price for 99.9% purity gold declined by Rs 150 to Rs 78,850 per 10 grams, having concluded the previous session at Rs 79,000 per 10 grams. Similarly, gold of 99.5% purity experienced a three-day consecutive drop, reducing by Rs 150 to Rs 78,450 per 10 grams.

While gold faced a downward trend, silver prices increased by Rs 100 to Rs 92,500 per kg. Analysts point out that political developments and economic indicators notably influence market stability, as traders anticipate key US economic data scheduled for release.

(With inputs from agencies.)