Gold Prices Plummet in Delhi Market Amid Weak Buying Sentiment
Gold prices in Delhi plummeted to Rs 1.47 lakh per 10 grams on Friday, marking its second straight day of losses. The precious metal dropped by Rs 2,000 from its previous value of Rs 1,49,200 per 10 grams.
Silver prices also declined significantly, dropping by Rs 5,000 to Rs 2,24,700 per kg. Traders attributed the decline in bullion prices to weak buying sentiment in the domestic market.
However, in international markets, spot gold gained marginally to trade at $4,063.70 per ounce and silver rose nearly 2% to $58.59 per ounce. According to Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, spot gold traded higher around $4,060 per ounce in overseas markets due to a spike in Brent oil prices.
Kaynat Chainwala, AVP Commodity Research, Kotak Securities, predicted that gold could advance towards $4,100 per ounce and silver towards $60 per ounce if crude oil stabilizes and US Treasury yields ease.