Gold Prices Plummet in Delhi Amid Profit-Taking and Weak Buying Sentiment
Gold prices in Delhi dropped significantly on Friday, reaching as low as Rs 1.47 lakh per 10 grams due to profit-taking by traders. This marks the second consecutive day of losses for gold, which had previously traded at Rs 1,49,200 per 10 grams.
Silver prices also declined, falling by Rs 5,000 to Rs 2,24,700 per kg. The decrease in silver prices is attributed to heavy selling and weak buying sentiment in the domestic market.
However, in the international markets, spot gold gained marginally to trade at USD 4,063.70 per ounce, while silver rose nearly 2% to USD 58.59 per ounce. Analysts attribute this gain to a pullback in crude oil prices and ease in US Treasury yields.
Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, noted that spot gold traded higher marginally around USD 4,060 per ounce due to Brent oil's retreat from a recent spike. Kaynat Chainwala, AVP Commodity Research at Kotak Securities, predicted that gold could advance towards USD 4,100 per ounce and silver towards USD 60 per ounce if crude oil stabilizes and US Treasury yields ease.