2 hrs ago
Gold Falls Below Rs 1.5 Lakh in Delhi
Gold became cheaper in Delhi on Tuesday, September 29.
Its price fell by Rs 1,400 to Rs 1,48,600 for 10 grams.
This was the first time in two months that it went below Rs 1.50 lakh.
Traders said local demand was weak and the US dollar was strong.
Silver did not change in price and stayed at Rs 2.32 lakh per kilogram.
Around the world, gold prices recovered slightly after a large fall the day before.
Analysts said high US interest-rate expectations were keeping bond yields high.
Oil prices were also moving up and down because of mixed news involving Iran and the United States.
Gold of 99.9% purity fell Rs 1,400 to Rs 1,48,600 per 10 grams in New Delhi on Tuesday, September 29.
The price dropped below Rs 1.50 lakh for the first time in two months amid weak local demand and a strong US dollar.
Gold was last quoted near this level on July 31, when it stood at Rs 1,48,300 per 10 grams.
Silver was unchanged at Rs 2.32 lakh per kilogram after falling Rs 5,000 in the previous session.
Global gold recovered nearly 1% after a 4% fall, while analysts cited elevated bond yields and expectations of higher-for-longer US interest rates.
- Who
- Gold traders and commodity analysts, including Pinky Yadav and Gaurav Garg, reported on the move.
- What
- Gold prices in Delhi fell Rs 1,400 below Rs 1.50 lakh per 10 grams, while silver remained unchanged.
- Where
- New Delhi, with related movements reported in global markets.
- When
- Tuesday, September 29; gold was last near this level on July 31.
- Why
- Weak local demand, a soaring US dollar, global pressure, and expectations of higher-for-longer US interest rates weighed on gold.
Key facts
- Delhi gold price
- Rs 1,48,600 per 10 grams, inclusive of all taxes
- Daily change
- Down Rs 1,400 for 99.9% purity gold
- Two-month comparison
- Gold was last quoted near this level on July 31 at Rs 1,48,300 per 10 grams
- Silver price
- Rs 2.32 lakh per kilogram, unchanged on Tuesday
- Global spot gold
- Up USD 30.34, or nearly 1%, to USD 4,145.26 per ounce
- Global silver
- Flat at USD 60.69 per ounce after a nearly 6% previous-session decline
- Market factors
- Weak local demand, a strong US dollar, elevated bond yields, and higher-for-longer US rate expectations
Quotes
Pinky Yadav
Commodity Fundamental Analyst at Choice Broking
“Gold is recovering marginally to around USD 4,140 an ounce, while silver is near USD 60.5, as it remains near a seven-week low as expectations of higher-for-longer US interest rates which kept bond yields elevated.”
theprint.in
freepressjournal.in
“Gold experienced a sharp correction in September, dipping below Rs 1.5 lakh per 10 grams due to significant global pressures.”
theprint.in
freepressjournal.in
Sources
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