Gold and Silver Prices Continue Downward Trend Amid Weak Buying Sentiment
Gold and silver prices continued their downward trend in India's national capital on Friday. Gold traded at Rs 1,47,200 per 10 grams, down by Rs 2,000 from Thursday's price of Rs 1,49,200. The precious metal's value dropped for the second consecutive day due to profit-taking by traders.
The white metal, silver, also declined in price, falling by Rs 5,000 to Rs 2,24,700 per kg. This decrease comes after the previous session saw a settlement of Rs 2,29,700 per kg. According to local traders, bullion prices remained under pressure in the domestic market due to weak buying sentiment.
However, it's worth noting that in international markets, spot gold gained marginally to trade at $4,063.70 per ounce and silver rose nearly 2% to $58.59 per ounce. Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said 'Spot gold traded higher marginally around USD 4,060 per ounce in the overseas markets as Brent oil has retreated nearly 4% following a spike of 12% in five days.'