Gold declines Rs 1,700 to Rs 1.35 lakh/10g; snaps 4-day record rally
New Delhi (PTI): Snapping the four-day record rally, gold prices declined by Rs 1,700 to Rs 1,35,900 per 10 grams in the national capital on Tuesday as investors booked profits amid weak global cues, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had surged by Rs 4,000 to touch an all-time high of Rs 1,37,600 per 10 grams on Monday. The metal rose by Rs 6,000 over the previous four days, trading at record highs.
"Gold prices witnessed profit booking and remained volatile, with the yellow metal slipping towards the USD 4,275 level in global markets and staying under pressure," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
Echoing sentiments, Dilip Parmar, Research Analyst, HDFC Securities, said, "Domestic gold prices also softened, curtailing a four-day advance. These losses were, however, notably mitigated by the persistent weakness in the Indian Rupee which quoted at a record low level".
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In the local bullion markets, silver prices also depreciated by Rs 1,000 to Rs 1,98,500 per kilogram (inclusive of all taxes). The white metal had ended flat at Rs 1,99,500 per kg, also its all-time high level, as per the association.
Parmar added that physical jewellery demand is expected to be subdued commensurate with the onset of the inauspicious period, investment demand is forecast to remain robust, a tendency driven by prevailing risk-averse market sentiments.
In the international markets, spot gold snapped a five-day winning streak, declining by USD 27.80, or 0.65 per cent, to USD 4,277.42 per ounce.
"Gold prices experienced a modest decline, easing following five consecutive sessions of appreciation, as market participants strategically positioned themselves ahead of a critical suite of US economic data releases this week," Dilip Parmar said.
These incoming reports are poised to offer significant clarity regarding the Federal Reserve's predilection for implementing further interest-rate cuts, a key macroeconomic catalyst for the non-yielding asset, he added.
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Spot silver also dropped by USD 1.07, or 1.67 per cent, to USD 63.02 per ounce in the overseas markets.
Bullion prices are trading lower as caution prevails ahead of US nonfarm payroll (NFP) data to be released later in the day, which will show NFP figures of both October and November, Praveen Singh, Research Analyst, Mirae Asset ShareKhan, said.
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Stopping Iran of greater importance than oil prices: Trump
Washington (PTI): US President Donald Trump on Thursday said stopping the “evil empire” in Iran was of greater importance to him than oil prices, which have been ruling high since the US and Israel launched a war on Iran on February 28.
Iranian attacks on ships and oil infrastructure in West Asia have pushed crude prices above USD 100 a barrel.
“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money. BUT, of far greater interest and importance to me, as President, is stopping an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World. I won’t ever let that happen,” Trump said in a post on Truth Social.
Launched on February 28, Operation Epic Fury against Iran has divided political opinion in the US, with Democrats demanding public hearings with testimony from top Trump administration officials.
White House officials, including Secretary of State Marco Rubio, have held classified briefings with lawmakers since the attacks on Iran began. However, there have been claims that Trump has been sending mixed signals on the progress achieved in the war.
"Here we are well into the second week, and it is still the case that the Trump administration cannot explain the reasons that we entered this war, the goals we're trying to accomplish, and the methods for doing that," Democrat senator Elizabeth Warren was quoted as saying after a classified briefing.
White House press secretary Karoline Leavitt, in a post on X, accused the “left-wing media” of pushing a “fake narrative” about mixed messaging about the objectives of Operation Epic Fury.
“From the beginning, President Trump and his entire team have consistently laid out clear objectives to the American people about what the US Military seeks to accomplish through these ongoing successful major combat operations,” Leavitt said.
“Destroy the terrorist Iranian regime’s missiles and raze their missile industry to the ground. Annihilate the terrorist Iranian regime’s navy. Ensure the regime’s fellow terrorist proxies can no longer destabilise the region and attack our forces; Guarantee the terrorist Iranian regime cannot obtain a nuclear weapon,” Leavitt said, spelling out the objectives of Operation Epic Fury.
Extending support to the war, Senate Majority Leader John Thune told reporters in the Capitol on Tuesday, the war could be "generational in terms of its impact."
“Not only for that region, but for the entire world, because they continued – Iran – to be the largest state sponsor of terrorism in the world. They are on the way to nuclear capability, and they're holding that entire region hostage and American interests as well,” Thune said at a weekly press conference.
"So I think this was an important mission to accomplish, and hopefully it'll be accomplished soon,” Thune said.
