Gold Falls Rs 200 in Delhi Amid Firm Rupee, Subdued Global Cues

New Delhi: Gold started the week on a weak note, with its prices slipping by Rs 200 to Rs 1,56,400 per 10 grams in the national capital on Monday amid subdued global trends and a stronger rupee.

Gold of 99.9 per cent purity had closed at Rs 1,56,600 per 10 grams on Friday.

Silver also took a sharp hit, falling Rs 5,000 to Rs 2.42 lakh per kilogram, inclusive of all taxes, according to local traders. The white metal had settled at Rs 2.47 lakh per kg in the preceding session.

Gold and silver remained caught between competing forces, with hawkish commentary from the Federal Reserve officials and elevated inflation concerns keeping yields and the dollar firm, while continuing tensions in West Asia supported demand for precious metals, said Gaurav Garg, Head of Research at brokerage platform Lemonn.

In global markets, spot gold fell USD 24.75, or 0.57 per cent, to USD 4,353.48 per ounce, while silver was flat at USD 66.27 an ounce.

Traders said the rupee’s 15-paise rise to 95.81 against the US dollar and gains in stock markets also impacted the precious metal.

Gold is trading near USD 4,350 per ounce as oil prices fell for a fourth straight session and ease inflation pressure, Akshat Siddhant, Lead Quant Analyst at investment platform Mudrex, said.

Garg said WTI crude slipped below USD 100 as investors assessed the possibility of recovering Saudi shipments, although ongoing attacks and supply disruptions remained a key risk.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)