Gold Prices Plummet in New Delhi Amid Weak Buying Sentiment

Gold prices in New Delhi plummeted by Rs 2,000 to Rs 1.47 lakh per 10 grams on Friday due to profit-taking by traders.

The precious metal of 99.9 per cent purity fell from its previous price of Rs 1,49,200 per 10 grams (inclusive of all taxes) to Rs 1,47,200, marking its second consecutive day of losses.

Silver prices also declined by Rs 5,000 to Rs 2,24,700 per kg (inclusive of all taxes) due to heavy selling. The white metal had settled at Rs 2,29,700 per kg in the previous session.

Traders said bullion prices remained under pressure in the domestic market amid weak buying sentiment. However, in the international markets, spot gold gained marginally to trade at USD 4,063.70 per ounce and silver rose nearly 2% to USD 58.59 per ounce.