Indian Gold Prices Plummet by Rs 800 as Global Cues Weaken
Gold prices in India took another hit on Friday, falling by Rs 800 to settle at Rs 1,56,200 per 10 grams. This marks the second consecutive day of decline for the precious metal. The drop was attributed to profit-booking and weak global cues.
Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, noted that gold pulled back on Friday amid weaker global cues. He added that the decline was largely driven by profit-taking after the recent rally.
On the other hand, silver remained unchanged at Rs 2,40,000 per kilogram according to local traders. The yellow metal of 99.9% purity had closed at Rs 1,57,000 per 10 grams on Thursday.
In international markets, spot gold was trading marginally lower at $4,351.01 per ounce while silver rose 0.33% to $64.68 per ounce. Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, noted that crude oil has bounced back on Friday as the US prepares more economic measures against Iran to get the Strait of Hormuz open.