Gold Prices Plummet in Delhi Amid Crude Oil Price Surge and Middle East Tensions

Gold prices in Delhi plummeted by Rs 2,000 per 10 grams on Friday due to rising crude oil prices and tensions in the Middle East. The price of gold fell to Rs 1,47,200 per 10 grams (including all taxes), down from Thursday's rate of Rs 1,49,200 per 10 grams. This marks the second consecutive day of a decline in gold prices.

Silver also saw a significant drop, falling by Rs 5,000 to Rs 2,24,700 per kg (including all taxes). The white metal's price had reached Rs 2,29,700 per kg in the previous session. Traders attribute the decline in bullion prices to weak buying sentiment in the domestic market.

Despite the downward trend in the domestic market, spot gold rose slightly to US$4,063.70 per ounce and silver increased nearly 2 percent to US$58.59 per ounce in the international market. Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, stated that spot gold traded higher marginally around USD 4,060 per ounce due to a decline in Brent oil prices.