Gold prices slip over ₹3,000 per 10 grams as global sentiment turns weak

The downward trend in gold prices continued on Tuesday, with rates falling close to ₹1.18 lakh per 10 grams amid weak global cues and renewed optimism over trade talks between the US and China. 

According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold dropped by ₹3,034 to ₹1,18,043, compared to ₹1,21,077 in the previous session. Similarly, 22-carat gold slipped to ₹1,08,127 per 10 grams from ₹1,10,907, while 18-carat gold fell to ₹88,532 from ₹90,809.

Silver prices also declined sharply, falling by ₹3,135 to ₹1,41,896 per kg, against ₹1,45,031 earlier. IBJA releases gold and silver prices twice a day — at 12 noon and 5 pm.

"After a spectacular rally from ₹1,10,000 to ₹1,70,000 per kg, Silver has formed a textbook Head and Shoulders pattern, a well-known reversal formation that typically signals exhaustion after a sharp uptrend. Prices have already broken below the neckline, with current levels near ₹1,40,000 coinciding almost perfectly with the 50% Fibonacci retracement of the prior rally," said SAMCO Securities.

Futures on the Multi-Commodity Exchange (MCX) mirrored the weakness in the spot market. The December 5, 2025, gold contract fell 1.87% to ₹1,18,700, while the silver contract for the same expiry slipped 0.74% to ₹1,42,301.

"Gold traded weak by another ₹2,500 at ₹1,18,450 per 10 grams as sentiment turned negative following renewed optimism around a possible US-China trade deal. The focus now shifts to the US Fed’s interest rate decision on Wednesday night, which will guide the next leg of the trend. Gold remains under pressure with key support at ₹1,16,500–₹1,18,000, while resistance is seen near ₹1,21,000–₹1,22,000," Jateen Trivedi of LKP Securities.

In the international market, gold prices were down 1.98% at $3,939 per ounce on Comex, while silver traded 0.52% lower at $46.53 per ounce.

(This story was taken from syndicated feed and was only edited for style by Gujarat Samachar Digital team)