Gold and Silver Prices Steady in Delhi Amid Weak Demand
Gold and silver prices in Delhi held steady on Monday, October 5, reflecting subdued domestic demand. Gold (99.9% purity) was quoted at Rs 1,49,800 per 10 grams, while silver remained at Rs 2,27,000 per kilogram, according to local traders. The muted demand from jewellers and retailers kept the precious metals trading in a narrow range.
Analysts noted that domestic gold prices tracked a firm trend in overseas markets, although a stronger US dollar limited upward movement. Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, highlighted this dynamic, stating that while gold prices remained stable, the strengthening US dollar capped gains.
Globally, spot gold saw a slight increase to USD 4,156.62 per ounce, while silver climbed over 2% to USD 61.70 per ounce. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, attributed gold’s marginal rise to a slight easing in crude oil prices. The US dollar index also surged past 102.50, its highest level since April 10, amid fiscal and political concerns in the Eurozone.
Looking ahead, Dhruv Joglekar, Assistant Fund Manager at Monarch PMS, suggested that gold is poised for stabilization and potential gains as clarity emerges on US inflation. He noted the traditional surge in physical demand during the festive months of October and November, along with central bank demand, as key factors supporting gold’s outlook.