Gold Prices Plummet in Delhi Amid Weak Global Cues
New Delhi's gold prices plummeted on Monday to Rs 1,60,250 per 10 grams amid weak global cues. The decline marks a decrease of Rs 650 from Friday's closing price of Rs 1,60,900.
The US jobs data release over the weekend has led market expectations of a September Federal Reserve rate hike. This development has put pressure on gold prices globally, with spot gold slipping to USD 4,395.30 per ounce, a drop of nearly 1% from last week's levels.
Gaurav Garg, Head of Research at Lemonn brokerage platform, attributed the decline in gold prices to stronger-than-expected US jobs data, which has increased expectations of a September Fed rate hike. He noted that markets are now awaiting key US inflation readings due later this week for further policy cues.
Silver prices remained unchanged on Monday at Rs 2,40,500 per kilogram, inclusive of all taxes, marking the second consecutive day without change in its value.