Gold and silver prices steady in Delhi amid weak demand
Gold and silver prices in Delhi remained unchanged on Monday, October 5, as weak demand from jewelers and retailers kept the market subdued. The price of 99.9% pure gold stayed flat at Rs 1,49,800 per 10 grams, while silver held steady at Rs 2,27,000 per kilogram, according to local traders.
Analysts attributed the stability to a firm trend in overseas markets, though a stronger US dollar limited upward movement. Saumil Gandhi of HDFC Securities noted that gold prices remained steady domestically, tracking gains in global markets.
Internationally, spot gold edged up slightly to USD 4,156.62 per ounce, while silver rose over 2% to USD 61.70 an ounce. Praveen Singh of Mirae Asset Sharekhan linked gold's marginal gain to a slight easing in crude oil prices, despite a surging US dollar index due to Eurozone fiscal and political concerns.
Looking ahead, Dhruv Joglekar of Monarch PMS suggested that gold could stabilize and benefit from stronger physical demand during the festive months of October and November, along with central bank purchases.