Gold Prices Plummet ₹900 in Delhi Amid Weaker Global Cues
Gold prices fell for the third consecutive day in Delhi due to weak global cues and a stronger US dollar. The price of gold, which had closed at ₹1.54 lakh per 10 grams on Tuesday, dropped by ₹900 to ₹1.53 lakh per 10 grams on Wednesday.
Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, attributed the decline in gold prices to traders booking profits at higher levels and a stronger dollar index that rose towards 100.85.
Akshat Garg, Head of Research & Product at Choice Wealth, noted that domestic gold buying has shifted due to high prices. With gold prices increasing by around 60% in the past year, consumers are opting for lighter jewelry, exchanging old pieces, and investing in digital gold and ETFs.
Global gold prices also weakened, with spot gold falling USD 41.49 to USD 4,317.09 per ounce, while silver dropped nearly 3% to USD 65.17 per ounce. The decline in global markets was attributed to hawkish commentary from Federal Reserve officials and a stronger dollar.