Commodities
Gold Prices Plummet in Delhi Amid Strong Rupee and Global Caution
Gold prices in Delhi dropped by Rs 200 to Rs 1,56,400 per 10 grams on Monday amid firm rupee and subdued global trends. Silver also took a hit, falling by Rs 5,000 to Rs 2.42 lakh per kilogram.
The weaker gold prices come despite hawkish commentary from Federal Reserve officials keeping yields and the dollar firm. However, continuing tensions in West Asia supported demand for precious metals, according to Gaurav Garg, Head of Research at Lemonn.
Spot gold fell USD 24.75, or 0.57 per cent, to USD 4,353.48 per ounce, while silver was flat at USD 66.27 an ounce in global markets. The rupee's 15-paise rise to 95.81 against the US dollar and gains in stock markets also impacted precious metal prices.