Gold Prices Plummet in New Delhi Amid Local Selling Pressure
Precious metals took a hit on Friday in New Delhi as gold and silver prices plummeted due to selling pressure in the local market.
Gold, which had closed at Rs 1,58,600 per 10 grams on Thursday, fell by Rs 2,700 to Rs 1.55 lakh (155,900) per 10 grams. This represents a decline of over 1% from its previous close.
Silver also took a beating, tumbling by Rs 10,000 to Rs 2.34 lakh (234,600) per kilogram from its previous price of Rs 2,44,600 per kg.
Despite the decline in domestic bullion prices, global markets saw gains, with spot gold rising by 1.15% to USD 4,366.58 per ounce and silver increasing by 2% to USD 64.77 per ounce.
Elevated crude oil prices have revived inflation concerns, which is weighing on assets such as gold, according to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.