Delhi Gold Prices Soar on Retail Buying, Silver Flat
Gold prices in Delhi surged by Rs 300 to Rs 1,48,300 per 10 grams on Friday due to buying from retailers and jewellers. The gold market saw a significant increase despite weak global prices. Traders attributed this rise to continuous purchases by retailers and jewellers. In contrast, silver remained flat at Rs 2,24,700 per kilogram, including all taxes.
The international markets witnessed spot gold slipping USD 48.28, or 1.18%, to USD 4,055.56 per ounce. Silver dropped nearly 2% to USD 57.98 an ounce. Analysts pointed out that the rebound in crude oil prices had curbed investors' appetite for precious metals overseas.
Kaynat Chainwala, AVP Commodity Research at Kotak Securities, noted that spot gold was easing back from Thursday's highs. He added that silver had cooled down as well, hovering near USD 58. The dollar's recovery was also seen as a contributing factor to the decline in precious metal prices.