New Delhi, Feb 11 (PTI) Snapping the seven-day winning run, gold prices declined by Rs 200 to Rs 88,300 per 10 grams in the national capital following selling by stockists amid a bearish trend in global markets.

Gold of 99.5 per cent purity also dropped Rs 200 to Rs 87,900 per 10 grams from the previous close of Rs 88,100 per 10 grams.

Additionally, silver prices decreased Rs 900 to Rs 96,600 per kg from the previous trading close of Rs 97,500 per kg on Monday.

Traders said the yellow metal prices depreciated ahead of Fed Chair Jerome Powell's testimony to Congress, which will be closely watched for insights about the US Federal Reserve's future interest rate-cut path.

The precious metal of 99.9 per cent purity had surged by Rs 2,430 to hit an all-time high level of Rs 88,500 per 10 grams on Monday, according to the All India Sarafa Association.

In the last seven sessions, gold soared Rs 5,660 or 6.8 per cent. This year, the yellow metal has risen Rs 8,910 or 11.22 per cent.

On the MCX, gold futures for April delivery declined Rs 333 to Rs 85,483 per 10 grams. During the day, the yellow metal futures touched a lifetime high of Rs 86,360 per 10 grams.

"Gold surged in MCX during early morning trade as tariff concerns fuelled panic buying, with central banks continuing their gold accumulation. However, a stronger rupee capped gains in MCX, leading to a reversal toward Rs 85,450 before the evening session, highlighting persistent volatility," Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said.

The upcoming US Consumer Price Index (CPI) data and Powell's testimony will be key events for gold traders, as the dollar index remains around USD 108, Trivedi added.

Silver futures for March delivery slumped Rs 1,030 or 1.08 per cent to Rs 94,265 per kg on the Multi Commodity Exchange (MCX).

Globally, Comex gold futures for April delivery traded lower at USD 2,933.10 per ounce. In the intraday session, it surged by USD 34 per ounce or 1.16 per cent to hit a record high of USD 2,968.39 per ounce.

"Despite some profit-taking, gold prices still hold comfortably above the USD 2,900-mark, buoyed by worries about a global trade war and economic uncertainty," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

Comex silver futures also quoted nearly 1 per cent lower at USD 32.17 per ounce in the overseas markets. PTI HG HG MR SHW

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Gold snaps 7-day rally, declines Rs 200 to Rs 88,300/10g in Delhi

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