8 hrs ago
Delhi Gold Prices Slip as Weak Demand and Dollar Weigh
Gold became a little cheaper in Delhi on Tuesday.
Its price fell by Rs 200 for every 10 grams.
Traders said fewer consumers and jewellers were buying it.
Buying can also slow during Pitru Paksha, when some people avoid purchasing gold and other auspicious items.
Silver’s price did not change.
In overseas markets, gold prices edged up slightly instead.
Analysts said the US dollar and crude oil prices may influence gold next.
One analyst expects gold to stay in a limited price range, with a slight chance of falling.
Gold of 99.9% purity in Delhi fell Rs 200 to Rs 1,49,600 per 10 grams on Tuesday.
Silver held steady at Rs 2.27 lakh per kilogram for a second consecutive session.
Traders cited subdued consumer and jeweller demand, including weaker buying during the Pitru Paksha period.
International spot gold edged higher to around USD 4,149.44 an ounce, while spot silver was nearly flat at USD 61.01.
An analyst expected gold to remain range-bound with a slight bearish bias, with the dollar and crude oil among near-term influences.
- Who
- Gold and silver traders and buyers; analysts Saumil Gandhi of HDFC Securities and Praveen Singh of Mirae Asset Sharekhan commented on the market.
- What
- Delhi gold prices fell Rs 200 to Rs 1,49,600 per 10 grams, while silver remained unchanged at Rs 2.27 lakh per kilogram.
- Where
- New Delhi and overseas bullion markets.
- When
- Tuesday; the article does not specify a calendar date.
- Why
- Traders attributed domestic gold’s decline to subdued retail demand and a firm US dollar, despite marginal gains in international gold prices.
Key facts
- Delhi gold price
- Rs 1,49,600 per 10 grams for 99.9% purity, down Rs 200.
- Previous gold price
- Rs 1,49,800 per 10 grams.
- Delhi silver price
- Rs 2.27 lakh per kilogram, unchanged for a second consecutive session.
- Overseas spot gold
- USD 4,149.44 an ounce, marginally higher.
- Overseas spot silver
- USD 61.01 an ounce, almost unchanged.
- Near-term outlook
- Expected by Praveen Singh to be largely range-bound with a slight bearish bias.
Sources
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