Delhi Gold and Silver Prices Unchanged Amid Weak Demand
Gold and silver prices in Delhi saw no movement on Monday, reflecting a lack of demand in the domestic market. The precious metals held steady as jewellers and retailers showed little interest, keeping trading activity muted. According to Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, while global markets showed strength, a stronger US dollar limited any potential gains.
In the local market, gold of 99.9% purity was quoted at Rs 1,49,800 per 10 grams, while silver remained at Rs 2,27,000 per kilogram. Despite some gains in global markets, with spot gold trading at $4,156.62 per ounce and silver up more than 2% at $61.70 per ounce, the domestic outlook remained subdued.
Analysts noted that the US dollar index surged past 102.50, its highest level since April, partly due to concerns in the Eurozone. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, attributed gold’s slight rise to a slight easing in crude oil prices. Looking ahead, Dhruv Joglekar of Monarch PMS suggested that gold could stabilize and benefit from upcoming festive demand and clarity on US inflation.