Gold Price Falls in Delhi; Silver Rises Amid Global Trends: Rediff Moneynews
Gold prices in Delhi drop by Rs 2,150 to Rs 1.58 lakh/10g for the second day. Silver rises Rs 600 to Rs 2.41 lakh/kg, supported by a weak dollar.
Key Points
- Gold prices in Delhi fell by Rs 2,150 to Rs 1.58 lakh per 10 grams.
- This marks the second consecutive session of losses for gold, influenced by weak global trends.
- Silver prices, however, rose by Rs 600 to Rs 2.41 lakh per kilogram.
- The rise in silver is attributed to a weak dollar and anticipation of US inflation data.
- Globally, spot gold was marginally lower, while silver saw a slight increase.
New Delhi, Sep 8 (PTI) Gold prices extended their losses for the second straight session, falling by Rs 2,150 to Rs 1.58 lakh per 10 grams, in the national capital on Tuesday amid a weak trend in global markets.
The yellow metal of 99.9 per cent purity depreciated by Rs 2,150 to Rs 1,58,100 per 10 grams (inclusive of all taxes), according to the All India Sarafa Association.
It had settled at Rs 1,60,250 per 10 grams in the preceding session. However, silver resumed its upward momentum after remaining flat for the previous two sessions, rising by Rs 600 to Rs 2,41,100 per kilogram (inclusive of all taxes).
The white metal had jumped Rs 5,000 to Rs 2,40,500 per kg on September 3 and remained unchanged on September 4 and 7.
“Silver is recovering as a weak dollar supports precious metals, while market participants remain focused on the upcoming US inflation data and Federal Reserve rate expectations,” Gaurav Garg, Head of Research at brokerage platform Lemonn, said.
In the overseas markets, spot gold traded marginally lower at USD 4,404.44 per ounce, while silver rose 0.11 per cent to USD 66.25 per ounce.
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