2 weeks ago
Gold, Silver Prices Slip as Seven-Session Rally Ends
People sometimes buy gold and silver to keep their money safe.
For seven days in a row, the price of gold went up.
Then the price went down.
On Thursday, the price of gold fell by 2,800 rupees, so 10 grams of gold cost 1,57,000 rupees in New Delhi.
Silver also became cheaper, falling by 6,000 rupees, so a kilogram of silver cost 2,40,000 rupees.
One report says the prices fell again on Friday, with gold dropping another 800 rupees while silver stayed the same.
Gold and silver became cheaper in other countries too, and that pushed prices down at home.
Some people who bought gold earlier decided to sell it, which is called profit-booking.
Prices for gold and silver to be delivered in the future also went down.
This happened because fewer people wanted to buy them.
Gold ended a seven-session rally, falling Rs 2,800 to Rs 1,57,000 per 10 grams in the national capital, according to the All India Sarafa Association.
Silver tumbled Rs 6,000 to Rs 2,40,000 per kilogram (inclusive of all taxes), having settled at Rs 2,46,000 per kg in the preceding session.
A separate report, however, said gold fell Rs 800 to Rs 1,56,200 per 10 grams on Friday for a second straight session, while silver remained flat at Rs 2,40,000 per kilogram, a discrepancy between the reports.
Analysts attributed the decline to weak overseas markets, profit-booking after the recent rally, softer US producer-price data and investor caution at elevated levels.
Gold futures for October delivery fell Rs 437 to Rs 1,54,445 per 10 grams, while silver futures for September delivery declined Rs 836 to Rs 2,36,999 per kilogram.
- Who
- Traders, investors and analysts in the domestic bullion market, with data from the All India Sarafa Association and comments from analysts Saumil Gandhi of HDFC Securities and Praveen Singh of Mirae Asset ShareKhan.
- What
- Gold and silver prices fell in the national capital, ending gold's seven-session rally, while gold and silver futures also declined.
- Where
- New Delhi (the national capital), tracking overseas bullion markets including New York.
- When
- Thursday according to two of the reports, with a separate report describing a further fall on Friday.
- Why
- Weak global cues, profit-booking after the recent rally, softer-than-expected US producer-price data and reduced spot demand pulled prices lower.
Key facts
- Gold price (99.9% purity, Thursday)
- Rs 1,57,000 per 10 grams, down Rs 2,800
- Gold price (Friday, alternate report)
- Rs 1,56,200 per 10 grams, down Rs 800
- Silver price
- Rs 2,40,000 per kilogram (inclusive of all taxes)
- Silver fall
- Rs 6,000 per kilogram from Rs 2,46,000
- Gold futures (October delivery)
- Rs 1,54,445 per 10 grams, down Rs 437
- Silver futures (September delivery)
- Rs 2,36,999 per kilogram, down Rs 836
- International spot gold
- $4,389.67 per ounce, down 0.43% (one report cites $4,351.01)
- Data source
- All India Sarafa Association and local traders
Quotes
Saumil Gandhi
Senior Analyst – Commodities, HDFC Securities
“"Gold pulled back on Friday amid weaker global cues, with spot yellow metal edging lower despite softer‑than‑expected US producer‑price data."”
thehansindia.com
“"Gold extended its decline to test support around $4,300 on profit booking and tentative selling as oil prices recover."”
thehansindia.com
Sources
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