Gold Prices Plummet Rs 200 in Delhi Amid Firm Rupee and Global Subsidence
Gold prices in Delhi dropped by Rs 200 to Rs 1,56,400 per 10 grams on Monday amid firm rupee and subdued global cues. This decrease marks a significant drop from the previous day's closing price of Rs 1,56,600 per 10 grams for gold of 99.9 per cent purity. Silver prices also saw a sharp decline, falling to Rs 2.42 lakh per kilogram, down from Rs 2.47 lakh per kg in the preceding session.
The global market trends are influenced by hawkish commentary from Federal Reserve officials and elevated inflation concerns, which keep yields and the dollar firm. However, tensions in West Asia continue to support demand for precious metals. Spot gold fell $24.75, or 0.57 per cent, to $4,353.48 per ounce, while silver remained flat at $66.27 an ounce.
The rupee's appreciation by 15 paise to 95.81 against the US dollar and gains in stock markets also contributed to the decline in gold prices. Oil prices have been falling for four consecutive sessions, which has eased inflation pressure and led to a slight dip in gold trading near $4,350 per ounce.