Commodities
Gold Prices Plummet as Crude Oil Surges and Dollar Strengthens
Gold prices took a hit on Monday, falling Rs 500 to Rs 1,55,400 per 10 gram in Delhi due to rising crude oil prices and a strong US dollar.
The price of gold had closed at Rs 1,55,900 per 10 gram on Friday.
Silver bucked the trend, however, and remained steady at Rs 2,34,600 per kilogram, including taxes.
Globally, spot gold declined by 1.3% to USD 4,291.71 per ounce, while silver fell nearly 3% to USD 62.82 an ounce.
Akshat Siddhant, Lead Quant Analyst at Mudrex, said that higher oil prices have added to inflation worries, putting pressure on demand for gold and silver.