Gold and Silver Prices Unchanged in Delhi Amid Weak Demand
Gold and silver prices in Delhi held steady on Monday, October 5, as weak demand from local jewellers and retailers kept the market subdued. According to traders, the precious metals saw little movement, with gold priced at Rs 1,49,800 per 10 grams and silver at Rs 2,27,000 per kilogram.
Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, noted that while gold prices remained stable domestically, they were supported by firm trends in global markets. However, a stronger US dollar limited potential gains for precious metals.
Globally, spot gold saw a slight increase to USD 4,156.62 per ounce, while silver climbed over 2 per cent to USD 61.70 an ounce. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, attributed gold’s modest 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 Eurozone fiscal and political concerns.
Dhruv Joglekar, Assistant Fund Manager at Monarch PMS, suggested that gold is poised for stabilization and potential growth as clarity on US inflation emerges. He also highlighted the traditional rise in physical demand during the festive months of October and November, along with central bank demand.