MUMBAI, India — Gold prices extended their decline on Tuesday, sliding more than Rs 3,000 per 10 grams amid weak global sentiment and growing optimism over renewed trade talks between the United States and China.
Data from the India Bullion and Jewellers Association (IBJA) showed that 24-carat gold fell by Rs 3,034 to Rs 1,18,043 per 10 grams, down from Rs 1,21,077 in the previous session. Prices of 22-carat gold dropped to Rs 1,08,127 from Rs 1,10,907, while 18-carat gold declined to Rs 88,532 from Rs 90,809.
Silver also registered a sharp fall, slipping Rs 3,135 to Rs 1,41,896 per kilogram, compared to Rs 1,45,031 earlier. IBJA updates gold and silver prices twice daily, at noon and at 5 p.m.
“After a spectacular rally from Rs 110,000 to Rs 170,000 per kg, silver has formed a textbook Head and Shoulders pattern — a classic reversal signal following an extended uptrend,” said analysts at SAMCO Securities. “Prices have broken below the neckline, and current levels near Rs 1,40,000 align closely with the 50 percent Fibonacci retracement of the previous rally.”
Weakness in futures trading reflected the spot market trend. On the Multi-Commodity Exchange (MCX), gold futures for December 5, 2025, dropped 1.87 percent to Rs 1,18,700, while silver contracts for the same expiry slipped 0.74 percent to Rs 1,42,301.
“Gold extended losses by another Rs 2,500 to Rs 1,18,450 per 10 grams as investor sentiment turned negative following renewed optimism about a potential U.S.-China trade deal,” said Jateen Trivedi of LKP Securities. “The market’s focus now shifts to the U.S. Federal Reserve’s interest rate decision on Wednesday, which could determine the next major move. Key support lies at Rs 1,16,500–Rs 1,18,000, while resistance is expected around Rs 1,21,000–Rs 1,22,000.”
In global trading, gold was down 1.98 percent at $3,939 per ounce on Comex, while silver slipped 0.52 percent to $46.53 per ounce. (Source: IANS)
