Delhi Gold Prices Plummet 2,700 Rupees Amidst Domestic Selling Pressure

Gold and silver prices plummeted in Delhi on Friday, September 11, with gold falling by Rs 2,700 to Rs 1.55 lakh per 10 grams and silver tumbling by Rs 10,000 to Rs 2.34 lakh per kg.

This sharp correction in domestic bullion prices reflects selling pressure in the local market after a recent rally, according to traders.

Despite gains in global markets, where spot gold rose USD 49.82, or 1.15 percent, to USD 4,366.58 per ounce and silver gained 2 percent to USD 64.77 per ounce, domestic selloff is driving prices down.

Elevated crude oil prices have revived inflation concerns, while higher Treasury yields and rising rate-hike expectations continue to weigh on assets such as gold, said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.