2 weeks ago
Gold snaps seven-session rally, falls Rs 2,800 in Delhi
Gold is a shiny, valuable metal that many people buy to keep their money safe.
In Delhi's market, the price of gold went up for seven days in a row.
On Thursday, that winning streak ended.
The price dropped by Rs 2,800, so 10 grams of gold now costs Rs 1,57,000.
Silver also got cheaper, falling Rs 6,000.
The reason is that traders who bought gold earlier decided to sell it now to lock in their profits.
This happened because a US report about inflation matched what everyone expected.
Since there was no big surprise, there was no reason for gold to keep climbing.
Gold prices also slipped a little in markets around the world.
Everyone is now waiting for the next US price report to see what happens next.
Gold prices in Delhi fell Rs 2,800 to Rs 1,57,000 per 10 grams on Thursday, snapping a seven-session rally.
Silver also dropped Rs 6,000 to Rs 2,40,000 per kilogram (inclusive of all taxes), according to the All India Sarafa Association.
Traders booked profits after the recent surge, as the softer US July Consumer Price Index inflation data was already priced into bullion.
Internationally, spot gold traded 0.43 per cent lower at USD 4,389.67 per ounce — with USD 4,380 per ounce also cited — while spot silver edged down to USD 65.03 per ounce.
Investors' attention has shifted to the US producer price index for clues on inflation and the Federal Reserve's policy path, while crude oil edged lower amid conflicting claims over the Strait of Hormuz.
- Who
- Bullion traders and investors in Delhi's gold and silver market, with commentary from analysts at LKP Securities, Mirae Asset ShareKhan, and HDFC Securities.
- What
- Gold prices fell by Rs 2,800 to Rs 1,57,000 per 10 grams in the national capital, ending a seven-session rally, while silver tumbled Rs 6,000 to Rs 2,40,000 per kg.
- Where
- New Delhi, India's national capital, with a similar retreat echoed in international spot markets.
- When
- Thursday, August 13, after gold of 99.9 per cent purity had closed at Rs 1,59,800 per 10 grams on Wednesday.
- Why
- Traders booked profits after a recent surge because the softer US July inflation outcome had already been largely priced into bullion during the rally.
Key facts
- Gold price (99.9% purity, Delhi)
- Rs 1,57,000 per 10 grams
- Gold daily change
- Down Rs 2,800
- Previous gold close
- Rs 1,59,800 per 10 grams
- Silver price (incl. all taxes)
- Rs 2,40,000 per kilogram
- Silver daily change
- Down Rs 6,000
- Spot gold (international)
- USD 4,389.67 per ounce, down 0.43 per cent
- Spot silver (international)
- USD 65.03 per ounce
- Rally ended
- Seven consecutive sessions
Quotes
Jateen Trivedi
VP Research Analyst – Commodity and Currency, LKP Securities
“A lower PPI reading could strengthen hopes for a more relaxed approach from the Fed and boost prices for precious metals, while a higher‑than‑expected result could raise worries about ongoing inflation and lead to selling.”
theprint.in
“Gold snapped a seven‑session rally on Thursday, with prices declining by Rs 2,800 to Rs 1,57,000 per 10 grams in the national capital as traders booked profits after a recent surge.”
theprint.in
Sources
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