Gold Prices Soar in Delhi as Retailers and Jewelers Fuel Demand

Gold prices rose in Delhi on Friday due to buying from retailers and jewelers. The yellow metal of 99.9 per cent purity increased by Rs 300 to Rs 1,48,300 per 10 grams in the national capital.

Local traders said continuous purchases by retailers and jewellers supported domestic gold prices despite weak global prices. Silver remained flat at Rs 2,24,700 per kilogram (inclusive of all taxes).

In international markets, spot gold slipped USD 48.28, or 1.18 per cent, to USD 4,055.56 per ounce and silver dropped nearly 2 per cent to USD 57.98 an ounce.

Analysts said the rebound in crude oil prices curbed investors' appetite for precious metals. Brent oil futures rose nearly 1 per cent to USD 89.69 per barrel, and West Texas Intermediate advanced to USD 84.16 a barrel in New York, reviving inflation concerns and limiting bullion's upside.