Gold tanks Rs 3,400 to Rs 96,550 per 10 grams

New Delhi: Gold prices tanked sharply by Rs 3,400 to Rs 96,550 per 10 grams in the national capital on Monday as traders shifted from safe-haven buying after the US declared a 90-day pause on tariff against Chinese imports.

According to the All India Sarafa Association, the precious metal of 99.5 per cent purity plunged Rs 3,400 to Rs 96,100 per 10 grams on Monday. This marks the steepest fall in 10 months since gold prices plunged Rs 3,350 on July 23, 2024.

Also, silver prices fell Rs 200 to Rs 99,700 per kg from Saturday’s close of Rs 99,900 per kg.

In futures trades, the most traded contract for gold plummeted Rs 3,932 or 4.07 per cent to trade at Rs 92,586 per 10 grams on the MCX.

Silver contracts for July delivery slumped Rs 2,295 or 2.37 per cent to Rs 94,434 per kg on the MCX.

Spot gold tanked over 3 per cent to trade at $3,218.70 per ounce in the global markets. Spot silver in the international markets fell 1.19 per cent to trade at $32.33 per ounce.