Gold Prices Fall Ahead of Rakshabandhan Celebrations
Gold prices in New Delhi fell for the second straight session on Thursday, down by Rs 800 to Rs 1,65,700 per 10 grams. This decline comes ahead of Rakshabandhan celebrations, a festival where consumers traditionally step up purchases of gifts and jewellery.
Analysts pointed out that gold prices also fell due to a rebound in the US dollar and Treasury bond yields. Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said that spot gold traded lower on Thursday as a recovery in the US dollar and Treasury yields weighed on the yellow metal following stronger-than-expected US inflation data.
Silver remained unchanged at Rs 2,50,500 per kilogram, according to local traders. Akshat Siddhant, Lead Quant Analyst at investment platform Mudrex, said that silver showed greater resilience in overseas markets, rising 0.31% to $68.32 per ounce.