Gold rate today: Yellow metal prices dip Rs 400 to Rs 1,00,020 on stockist selling; silver tumbles Rs 1,500 in Delhi market

Gold rate today: Gold prices fell Rs 400 to Rs 1,00,020 per 10 grams in the national capital on Wednesday amid sustained selling by stockists, the All India Sarafa Association said. The yellow metal of 99.9 per cent purity had ended at Rs 1,00,420 per 10 grams in the previous session.In line with the weakness, gold of 99.5 per cent purity also declined Rs 350 to Rs 99,700 per 10 grams (inclusive of taxes), compared with the earlier close of Rs 1,00,050 per 10 grams, PTI reported.“Gold prices extended losses on Wednesday as the US dollar continued to trade with minimal gains, surging to a one-week high. A decline in the geopolitical risk premium followed a positive outcome from President Donald Trump’s meetings with Vladimir Putin, Volodymyr Zelenskyy, and European leaders. This development raised hopes for a potential resolution to the ongoing conflict, which appears to be the leading factor in the decline in gold prices in recent times,” said Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities.Silver prices witnessed a steeper fall, plunging Rs 1,500 to Rs 1,12,500 per kilogram (inclusive of taxes). The white metal had closed at Rs 1,14,000 per kg in the previous session.In the global markets, spot gold was quoting at USD 3,326.04 per ounce, while spot silver traded at USD 37.07 per ounce, down nearly 1 per cent.“Gold prices inched lower to their lowest level in nearly three weeks as the dollar strengthened, while investors awaited US Federal Reserve Chair Jerome Powell’s last speech at the Jackson Hole symposium on Friday. Meanwhile, the US dollar index climbed to its highest level in more than a week and USD/INR fell at 87 level, weighing further on domestic prices,” said Manav Modi, Analyst, Precious Metal Research at Motilal Oswal Financial Services.Investors will also be tracking the minutes of the Federal Reserve’s policy meeting, expected later in the day, for further cues on the central bank’s monetary stance and the bullion outlook, he added.