Gold falls Rs 500 to Rs 1,01,020/10 g, silver trades flat

New Delhi, Aug 13: Gold prices slipped Rs 500 to Rs 1,01,020 per 10 grams in the national capital on Wednesday due to continuous selling by stockists, according to the All India Sarafa Association.

The precious metal of 99.9 per cent purity had closed at Rs 1,01,520 per 10 grams in the previous market session.

In the national capital, gold of 99.5 per cent purity dipped Rs 500 to Rs 1,00,600 per 10 grams (inclusive of all taxes) on Wednesday.

However, silver prices traded flat at Rs 1,12,000 per kilogram (inclusive of all taxes) on Wednesday.

Spot gold in the overseas markets went up by USD 10.79 or 0.32 per cent to trade at USD 3,358.99 per ounce in New York.

"Spot gold is trading steady near USD 3,350 per ounce as traders await speeches from several Fed officials, along with US Producer Price Index and retail sales data, for further clues on the monetary policy outlook," Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, said.

Spot silver rose 1.58 per cent to trade at USD 38.51 per ounce.

"US President Donald Trump's ongoing political pressure on Federal Reserve Chair Jerome Powell to lower interest rates has heightened market anxiety, further boosting gold's status as a safe-haven asset," Abans Financial Services CEO Chintan Mehta said.

According to Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, traders are now focusing on the upcoming talks between US President Donald Trump and his Russian counterpart Vladimir Putin set for Friday, which could lead to a new direction for gold prices.