Delhi gold prices drop by 200 rupees amid weak demand and strong dollar
Gold prices in Delhi dropped by Rs 200 per 10 grams on Tuesday, reaching Rs 1,49,600. The decline was attributed to weak demand and the strengthening of the US dollar. The previous day, gold was priced at Rs 1,49,800 per 10 grams.
Silver prices remained stable at Rs 2.27 lakh per kilogram for the second consecutive day. According to local dealers, the prices included all taxes. Saumil Gandhi, an analyst at HDFC Securities, noted that the lack of global market cues and reduced demand during Pitru Paksha contributed to the decline in gold prices.
Pitru Paksha is a traditional period when people avoid making auspicious purchases, such as gold, jewelry, properties, or other luxury items. Globally, spot gold traded slightly higher at $4,149.44 per ounce, while silver held steady at $61.01 per ounce.