Gold price falls ₹2,100 to ₹1.56 lakh/10g, drops for 6th straight day. Here’s why
Gold has lost ₹11,000 in the past six trading sessions from ₹1,67,100 recorded on August 25
Gold prices fell ₹2,100 to ₹1.56 lakh per 10 grams in New Delhi on Wednesday, marking their sixth consecutive day of decline in the global markets. The 99.9% pure metal experienced a dip to a three-week low of ₹1,56,100 per 10 grams, down from ₹1,58,200 the previous trading day. Over the past six trading sessions, gold has lost ₹11,000, falling to its lowest level since August 14, when it was quoted at ₹1,56,200 per 10 grams.
Senior analyst Saumil Gandhi reported heavy selling pressure for precious metals, with spot gold hitting a three-week low. Silver also dropped for a second consecutive day, reaching a two-week low of ₹2,35,500 per kilogram. The conflict in West Asia has contributed to rising oil prices, inflation, and rate hike fears, negatively impacting silver.
In international markets, gold rose by 0.58% to $4,303.12 per ounce, while silver fell by nearly 1% to $63.64 per ounce. Rate-hike concerns, along with higher oil prices and hawkish remarks from Federal Reserve Chair Kevin Warsh, have influenced gold prices. Global gold-backed exchange-traded funds experienced net outflows after seven consecutive days of inflows as investors await US labor market data for clues on the Federal Reserve's next move.
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