Gold and Silver Prices Steady in Delhi Amid Weak Demand
On Monday, gold and silver prices in Delhi held steady amid weak demand. Gold of 99.9% purity was priced at Rs 1,49,800 per 10 grams, while silver stood at Rs 2,27,000 per kilogram. Traders reported subdued demand from jewellers and retailers, keeping prices within a narrow range.
Analysts noted that while gold prices in domestic markets remained stable, tracking a firm trend in global markets, a stronger US dollar limited potential gains. Saumil Gandhi of HDFC Securities observed that the dollar's strength capped upside movement in precious metals.
Globally, spot gold saw a slight increase to USD 4,156.62 per ounce, while silver rose over 2% to USD 61.70 an ounce. Praveen Singh of Mirae Asset Sharekhan attributed gold's marginal gain to a slight easing of crude oil prices, though the US dollar index surged past 102.50, its highest level since April.
Looking ahead, Dhruv Joglekar of Monarch PMS suggested that gold is poised for stability, with potential upside supported by clarity on US inflation and increased physical demand during festive months.