Gold Silver Prices Stable in Delhi Amid Weak Demand
Gold and silver prices in Delhi held steady on Monday, October 5, as weak domestic demand limited significant movement. Gold of 99.9% purity was quoted at Rs 1,49,800 per 10 grams, while silver remained at Rs 2,27,000 per kilogram, according to local traders. Analysts attributed the muted market activity to subdued demand from jewellers and retailers.
Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, noted that gold prices in the domestic market tracked a firm trend in overseas markets. However, a stronger US dollar capped potential gains in precious metals. Globally, spot gold saw a slight increase to USD 4,156.62 per ounce, while silver rose over 2% to USD 61.70 an ounce.
Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, linked the marginal rise in spot gold to a slight easing of crude oil prices. The US dollar index surged past 102.50, its highest level since April 10, driven by fiscal and political concerns in the Eurozone.
Dhruv Joglekar, Assistant Fund Manager at Monarch PMS, suggested that gold is poised for stabilization, potentially benefiting from clarity on US inflation and increased physical demand during the festive months of October and November, along with central bank demand.