Gold prices dip in Delhi amid weak demand and strong dollar
Gold prices in Delhi dropped by Rs 200 to Rs 1,49,600 per 10 grams on Tuesday, driven by weak retail demand and a stronger US dollar. The price decline follows a close of Rs 1,49,800 per 10 grams on Monday. Silver, however, held steady at Rs 2.27 lakh per kilogram for the second consecutive session.
Analysts attributed the dip in gold prices to subdued global cues and lower retail demand during the Pitru Paksha period, when consumers typically avoid purchasing gold, jewelry, and other luxury items. Saumil Gandhi, Senior Analyst at HDFC Securities, highlighted this traditional trend as a key factor influencing the market.
In global markets, spot gold saw a slight rise to USD 4,149.44 per ounce, while silver remained unchanged at USD 61.01 per ounce. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, noted that gold's performance will continue to be influenced by fluctuations in oil prices and the US dollar. He forecasted a range-bound trend with a slight bearish tilt in the near term due to healthy risk appetite.