Gold Prices Plummet for Second Straight Day Amid Profit-Taking
Gold prices fell for the second straight day in New Delhi due to profit-taking and weak global cues. The price of gold per 10 grams dropped to Rs 1,56,200, down from Rs 1,57,000 on Thursday. This decline is largely attributed to investors booking profits after the recent rally.
Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said that gold pulled back amid weaker global cues, despite softer-than-expected US producer-price data. The spot price of gold was trading marginally lower at USD 4,351.01 per ounce.
Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, noted that the decline in gold prices is also due to profit booking and tentative selling as oil prices recover. He mentioned that crude oil has bounced back on Friday as the US prepares more economic measures against Iran to get the Strait of Hormuz open.
The price of silver remained unchanged at Rs 2,40,000 per kilogram (inclusive of all taxes), according to local traders. However, spot gold was trading marginally lower while silver rose 0.33% in the international markets.