Indian Gold Prices Slip Amid Profit-Taking, Silver Falls Sharply

Gold prices in India have dropped significantly over the past two days due to profit-taking by traders. On Friday, gold slipped to ₹1.47 lakh per 10 grams, down from ₹1.49 lakh the previous day.

The precious metal of 99.9% purity has been affected by a weak buying sentiment in the domestic market. According to local traders, gold traded at ₹1.47 lakh per 10 grams (inclusive of all taxes), marking its second straight day of losses.

Silver prices have also declined due to heavy selling, dropping by ₹5,000 to ₹2,24,700 per kg (inclusive of all taxes). In contrast, in the international markets, spot gold gained marginally to trade at USD 4,063.70 per ounce and silver rose nearly 2% to USD 58.59 per ounce.

Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, attributed the slight increase in spot gold to the retreat in Brent oil prices. He noted that Brent oil has dropped by nearly 4% following a spike of 12% in five days.