Gold Prices Plummet in Delhi Amid Weak Global Cues
Gold prices in Delhi dropped by Rs 650 per 10 grams to Rs 1,60,250 on Monday due to weak global cues. This decline marks the beginning of the week for gold, following a bearish trend overseas. The spot price of gold slipped by USD 35.03, or nearly 1%, to USD 4,395.30 per ounce.
The domestic market is awaiting key US inflation readings due later this week, which could provide fresh policy cues on the Federal Reserve's interest-rate trajectory and its impact on bullion outlook. According to Gaurav Garg, Head of Research at brokerage platform Lemonn, gold remained under pressure after stronger-than-expected US jobs data increased expectations of a September Fed rate hike.
Despite this decline, silver prices remained unchanged for the second straight session at Rs 2,40,500 per kilogram. Analysts are focusing on the Producer Price Index and Consumer Price Index data to be released later this week for further policy clues.