New Delhi, April 7 — Gold prices dropped sharply in the national capital on Monday, falling by ₹1,550 to ₹91,450 per 10 grams, as panic selling continued in the global financial markets. The decline was driven by weak global cues and heavy offloading by jewellers and stockists, according to the All India Sarafa Association.
On Friday, gold had ended at ₹93,000 per 10 grams for 99.9% purity.
Gold of 99.5% purity also fell by ₹1,550 to ₹91,000 per 10 grams, down from the previous close of ₹92,550.
“Gold prices slipped further as panic selling in equity and other asset classes weighed down on the safe-haven appeal of gold,” said Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities.
Silver Continues Losing Streak
Silver prices weren’t spared either. The white metal dropped by ₹3,000 to ₹92,500 per kilogram on Monday, from Friday’s ₹95,500. This marks the fifth consecutive day of decline, with silver losing a total of ₹10,500 per kg in just five sessions.
Global Trends Add to Pressure
Globally, spot gold fell by USD 10.16 (0.33%) to USD 3,027.20 per ounce, while spot silver in Asian trading hours actually rose 1.65% to USD 30.04 per ounce.
“Investor sentiment is cautious,” said Jateen Trivedi, VP Research Analyst at LKP Securities. “Markets are watching for cues from the US, especially with rising trade tensions and upcoming CPI data that may influence interest rate expectations.”
Back home, investors are eyeing the RBI policy meeting later this week, which could also impact bullion market trends.
Kotak Securities noted that the sharp fall in gold prices mirrors the overall market slump, with Donald Trump’s tariffs and China’s retaliatory moves dampening sentiment further.
