Gold Prices Plummet Rs 500 in New Delhi Amid Global Market Sell-Off
Gold prices plummeted by Rs 500 to Rs 1,55,400 per 10 gram on Monday in New Delhi due to a sell-off in global markets. This comes amidst a sharp rise in crude oil prices and the US dollar's strength.
The yellow metal had closed at Rs 1,55,900 per 10 gram on Friday but was unable to withstand the pressure. Silver, however, bucked the trend and remained steady at Rs 2,34,600 per kilogram.
Globally, spot gold declined by USD 57.22, or 1.3%, to USD 4,291.71 per ounce, while silver tumbled nearly 3% to USD 62.82. The prices have now marked their third consecutive weekly loss as investors price in a probable Fed rate hike.
Akshat Siddhant, Lead Quant Analyst at investment platform Mudrex, attributed the decline to higher oil prices and inflation worries, which put additional pressure on demand for gold and silver. Crude oil surged to USD 103 a barrel after Saudi Arabia shut its East-West pipeline following drone attacks.