Indian Rupee Strength Weighs on Gold and Silver Prices in Delhi

Gold and silver prices have declined in Delhi as of September 21, due to strong rupee values and subdued global market trends. Gold fell by Rs 200, reaching Rs 1,56,400 per 10 grams, while silver dropped Rs 5,000 to Rs 2.42 lakh per kilogram.

The decline in precious metals is attributed to a stronger Indian rupee against the US dollar and falling oil prices. Global gold prices also decreased, influenced by Federal Reserve commentary and inflation concerns.

Gaurav Garg, Head of Research at Lemonn, explained that hawkish commentary from Federal Reserve officials and elevated inflation concerns kept yields and the dollar firm. However, continuing tensions in West Asia supported demand for precious metals.