Gold Prices Drop in Delhi Amid Weak Demand and Strong Dollar
Gold prices in Delhi dropped by Rs 200 per 10 grams on Tuesday, reaching Rs 1,49,600. This decline followed subdued retail demand and a stronger US dollar, which influenced the precious metal's performance in the national capital.
The 99.9 per cent pure gold had closed at Rs 1,49,800 per 10 grams the previous day. Meanwhile, silver prices remained unchanged for the second consecutive day, holding steady at Rs 2.27 lakh per kilogram, including all taxes.
Analysts attributed the drop in gold prices to weak global cues and reduced retail demand during the Pitru Paksha period, a time when consumers typically avoid purchasing auspicious items like gold, jewelry, or property.
On the global stage, spot gold saw a slight rise to USD 4,149.44 per ounce, while silver remained flat at USD 61.01 per ounce. Experts noted that gold's performance would continue to be influenced by fluctuations in oil prices and the US dollar. In the near term, they predicted a range-bound market with a slight bearish tilt due to healthy risk appetite.