Bullion markets end three-day rally; gold falls ₹300 to ₹91,650 per 10 gram

New Delhi, Mar 20 (PTI) Gold prices declined by ₹300 to ₹91,650 per 10 grams on Thursday, bringing an end to the three-day rally in the national capital, amid fall in precious metal rates globally, according to the All India Sarafa Association.

On Wednesday, the precious metal of 99.9 per cent purity closed ₹700 higher at its lifetime high of ₹91,950 per 10 grams.

Gold of 99.5 per cent purity, which ended the previous session at ₹91,500 per 10 grams, slipped by ₹300 to ₹91,200 per 10 grams on Thursday.

Silver prices also tanked by ₹1,500 to ₹1,02,000 per kg from Wednesday’s closing level of ₹1,03,500 per kg, also its historic high.

In the preceding three sessions, gold added ₹2,500 per 10 gram to hit its all-time high level, while silver surged by ₹2,300 per kg to reach its fresh peak during the period.

In the global markets on Thursday, spot gold fell by USD 14.44 or 0.47 per cent to USD 3,033.35 per ounce. In the morning trade, it rose to hit a lifetime high of USD 3,057.36 per ounce.

Similarly, Comex gold futures for April delivery slipped 0.11 per cent to USD 3,038 per ounce. During the session, it touched a fresh peak of USD 3,065.09 per ounce.

“Comex gold futures surged to a record USD 3,065.2 per ounce, subsequently retracting to around USD 3,042, yet maintaining gains.

“The prices are steady near record highs as it is underpinned by robust safe-haven demand amidst escalating geopolitical tensions,” Kotak Securities said in a note.

Further, persistent concerns over global trade disputes, including impending new duties and existing US tariffs, contributed to market volatility, the brokerage firm added.

According to Abans Financial Services’ Chief Executive Officer Chintan Mehta, market participants will closely monitor US weekly unemployment claims to be release later on Thursday to assess the strength of the labour market.

“Investors will also seek insights from US Federal Reserve Chair Jerome Powell’s press conference in Washington, looking for indications of how policymakers are factoring in Trump’s policies and how they might respond if economic conditions worsen,” Mehta added.