Gold prices drop Rs 1,000 per 10g after US tariff signals and extended China tariff suspension

Gold prices in the national market fell by Rs 1,000 per 10 grams following a global sell-off influenced by trade developments. The decline was linked to a US presidential statement indicating no tariffs on gold imports, which, despite lacking official confirmation, reduced trade-related concerns. Additionally, the extension of high-level tariffs suspension on China until November 11 eased macroeconomic tensions, further pressuring gold prices downward. Concurrently, silver prices dropped by Rs 2,000 per kilogram. The rupee strengthened slightly against the US dollar. Market experts noted that upcoming US economic data and Federal Reserve officials' speeches would significantly impact bullion price trends. Speculation about a potential truce in the Russia-Ukraine conflict also diminished demand for gold as a safe haven asset.