Gold price drops ₹2,700 to ₹1.55 lakh/10g; silver slips by ₹10,000
Traders say sharp correction in domestic bullion prices reflected selling pressure in the local market after the recent rally, with both precious metals pulling back
Precious metals experienced a sharp decline in prices on Friday, with gold falling by ₹2,700 to ₹1.55 lakh per 10 grams and silver dropping by ₹10,000 to ₹2.34 lakh per kg in the capital city. Gold of 99.9 percent purity saw a depreciation of ₹2,700, now priced at ₹1,55,900 per 10 grams (including taxes), according to local traders.
It had previously closed at ₹1,58,600 per 10 grams on Thursday. Similarly, silver experienced a decline of ₹10,000, settling at ₹2,34,600 per kg (including taxes) after closing at ₹2,44,600 per kg the previous day. Traders attributed the significant correction in domestic bullion prices to selling pressure in the local market following a recent rally, with both precious metals experiencing a pullback.
Despite gains in global markets, where spot gold rose by $49.82, or 1.15 percent, to $4,366.58 per ounce, and silver gained 2 percent to $64.77 per ounce, domestic selloffs persisted. Despite gains in global markets, where spot gold rose by $49.82, or 1.15 percent, to $4,366.58 per ounce, and silver gained 2 percent to $64.77 per ounce, domestic selloffs persisted.
The decline came as elevated crude oil prices reignited inflation concerns and higher Treasury yields and rising rate-hike expectations continued to negatively impact assets such as gold, according to Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.
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