Commodities
Gold Slumps ₹200 as Rupee Strengthens, Silver Crashes ₹5,000
Gold prices in Delhi slipped Rs 200 to Rs 1,56,400 per 10 grams on Monday, as a firmer rupee and muted international bullion cues weighed on demand.
The price decline was accompanied by a steep fall in silver, which plummeted Rs 5,000 to Rs 2.42 lakh per kilogram, inclusive of all taxes.
Akshat Siddhant, Lead Quant Analyst at Mudrex, noted that gold remained close to the psychologically important USD 4,350 level after oil prices declined for a fourth consecutive session.
The rupee's appreciation to 95.81 against the US dollar made dollar-denominated bullion comparatively cheaper for Indian buyers, exerting pressure on local prices.