Mumbai, Oct 28: The downward trend in gold prices continued on Tuesday, with rates falling close to Rs 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 Rs 3,034 to Rs 1,18,043, compared to Rs 1,21,077 in the previous session. Similarly, 22-carat gold slipped to Rs 1,08,127 per 10 grams from Rs 1,10,907, while 18-carat gold fell to Rs 88,532 from Rs 90,809.

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

“After a spectacular rally from Rs 110,000 to Rs 170,000 per kg, Silver has form

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