There is a continuous decline in the prices of gold and silver in the market. Gold has become cheaper in Delhi’s bullion market for the fifth consecutive trading session. In the last five days, the price of gold has decreased by about ₹ 3,600 per 10 grams. Gold of 99.9 per cent purity fell by ₹1,600 to ₹1,52,400 per 10 grams. At the same time, after remaining stable for two days, a big fall in the price of silver was also recorded.
In Delhi’s bullion market, gold of 99.9 percent purity fell by ₹ 1,600 to ₹ 1,52,400 per 10 grams. Earlier its price was ₹ 1.54 lakh per 10 grams. Five trading sessions ago, the price of gold was around ₹ 1.56 lakh per 10 grams. This means that gold has become cheaper by about ₹ 3,600 in five days. This is the fifth consecutive session of decline in gold prices. According to traders, gold remains under pressure due to profit booking at higher levels and weak global cues.
Silver also fell by ₹5000
Along with gold, there has also been a big decline in the price of silver. After remaining stable for two trading sessions, silver fell by ₹5,000 to ₹2.37 lakh per kg. In the previous session, silver had closed at ₹2.42 lakh per kg. Traders say that there is a lot of fluctuation in silver. Apart from this, being linked to industrial demand, global economic signals also have an impact on it.
Pressure on gold due to strengthening of dollar
Gold prices fell amid weak global cues and sluggish domestic demand. A stronger US dollar and a rise in US Treasury yields also added pressure to the precious metal. In the global market, spot gold fell by about 1 percent to $ 4,253.61 an ounce. At the same time, silver slipped 1.4 percent to $ 63.56 an ounce.
Crude oil prices increased concern
Rising prices of crude oil also remain a challenge for gold. Brent crude reached around $ 106 per barrel amid concerns about supply in West Asia. Expensive oil may increase inflation worldwide, which may reduce the scope for central banks to cut interest rates.
Input- PTI
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