Gold nosedives Rs 1,000 amid sell-off in global markets

New Delhi: Gold prices plunged Rs 1,000 to Rs 1,01,520 per 10 grams in the national capital on Tuesday in line with a sell-off in global markets, according to the All India Sarafa Association. On Monday, the precious metal of 99.9 per cent purity had settled at Rs 1,02,520 per 10 grams. In the local markets, gold of 99.5 per cent purity dipped Rs 1,000 to Rs 1,01,100 per 10 grams (inclusive of all taxes) on Tuesday.

"Gold prices dipped after US President Donald Trump clarified on social media that there would be no tariffs on gold imports. Although an official confirmation from the White House is still pending, the announcement eased some trade-related concerns," Abans Financial Services CEO Chintan Mehta said. Adding to this, the White House announced on Monday that the suspension of high-level tariffs on China will be extended until November 11. This decision has helped ease ongoing macroeconomic tensions for now, which has pressured gold prices downwards, Mehta added.