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 of 99.9% pure gold had closed at Rs 1,49,800 per 10 grams the previous day. Meanwhile, silver prices remained stable at Rs 2.27 lakh per kilogram for the second consecutive session.
Analysts attributed the decline in gold prices to subdued demand during the Pitru Paksha period, when consumers traditionally avoid buying items like gold, jewelry, or property. Saumil Gandhi, Senior Analyst at HDFC Securities, noted that weak global cues also contributed to the drop.
On global markets, spot gold saw a slight increase to USD 4,149.44 per ounce, while silver remained flat at USD 61.01 per ounce. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, highlighted that gold prices were influenced by easing US dollar and crude oil prices. He predicted that gold would stay range-bound with a slight bearish tilt in the near term due to healthy risk appetite.