Gold Slumps to 5-Week Low in Delhi Amid Global Market Weakness
Gold prices in Delhi plummeted by Rs 1,000 to hit a five-week low of Rs 1.54 lakh per 10 grams on Tuesday amid weak global trends and a strong US dollar.
The precious metal's value had previously traded around these levels on August 7, when it stood at Rs 1.54 lakh per 10 grams in the local market.
Silver prices remained unchanged for the second consecutive day at Rs 2.34 lakh per kilogram (inclusive of all taxes), according to local traders.
Analysts attributed the decline to a stronger US dollar and rising Treasury yields, which were driven by elevated crude oil prices and heightened inflation concerns.
Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said 'Gold edged lower on Tuesday amid weak global cues, with spot gold slipping below USD 4,300 an ounce and trading near a one-month low.'