Delhi Bullion Prices Stagnant Amid Weak Demand and Strong Dollar
Gold and silver prices in Delhi saw no change on Monday due to weak local demand. The subdued activity from jewelers and retailers kept the precious metals range-bound. Despite a steady trend in global markets, a stronger US dollar limited potential gains.
On Monday, gold with 99.9% purity was priced at Rs 1,49,800 per 10 grams, while silver held steady at Rs 2,27,000 per kilogram. Traders noted that narrow price movements reflected low domestic demand.
Saumil Gandhi of HDFC Securities attributed the stability in gold prices to firm overseas trends. However, he noted that the stronger US dollar restrained upward movement. Globally, spot gold rose slightly to USD 4,156.62 per ounce, while silver climbed over 2% to USD 61.70 an ounce.
Analysts predict gold prices may stabilize soon, with potential gains driven by festive season demand and clarity on US inflation. Praveen Singh of Mirae Asset Sharekhan highlighted the impact of easing crude oil prices on gold's marginal gains. Dhruv Joglekar of Monarch PMS expects a surge in physical demand during October and November.