Commodities
Gold Price Drops ₹650 in New Delhi Amid Weaker Global Trends
Gold prices in New Delhi dropped on Monday by ₹650 per 10 grams to ₹1,60,250 as weaker global trends affected domestic sentiment. The price of gold had closed at ₹1,60,900 per 10 grams the previous Friday.
The drop was attributed to a bearish global trend, which saw spot gold slip by $35.03 or nearly 1% to $4,395.30 per ounce. Silver also dropped 1% to $65.64 per ounce.
Gaurav Garg, Head of Research at Lemonn, said that gold remained under pressure after stronger-than-expected US jobs data increased expectations of a September Fed rate hike. Markets are now waiting for this week's Producer Price Index and Consumer Price Index data for further policy clues.