Gold Prices Surge in Delhi Amid Retail Demand
Gold prices in Delhi rose by ₹300 to ₹1,48,300 per 10 grams on Friday due to retail demand. Local traders attributed this increase to continuous purchases from retailers and jewellers.
The domestic gold price was supported despite weak global prices, with the yellow metal of 99.9% purity closing at ₹1,48,000 per 10 grams in the preceding session.
Silver remained flat at ₹2,24,700 per kilogram, inclusive of all taxes.
In the international markets, spot gold slipped USD 48.28, or 1.18%, to USD 4,055.56 per ounce, while silver dropped nearly 2% to USD 57.98 an ounce, according to Kaynat Chainwala, AVP, Commodity Research at Kotak Securities.
The rebound in crude oil prices also curbed investors' appetite for precious metals overseas, with Brent oil futures rising nearly 1% to USD 89.69 per barrel and West Texas Intermediate advancing to USD 84.16 a barrel in New York.