New Delhi: Gold prices fell by Rs 2,000 to Rs 1.47 lakh per 10 grams in Delhi on Friday as traders booked profits after the rise. Silver came under selling pressure and dropped by Rs 5,000 per kg.
Second Straight Fall
Gold of 99.9 percent purity declined to Rs 1,47,200 per 10 grams, inclusive of all taxes. The yellow metal had closed at Rs 1,49,200 per 10 grams on Thursday, according to traders.
This was the second consecutive session of losses for gold in the national capital. Traders said weak buying interest and profit-taking kept domestic bullion prices under pressure.
Silver Sees Selling
Silver prices slipped by Rs 5,000 to Rs 2,24,700 per kg, inclusive of taxes, amid heavy selling. The white metal had settled at Rs 2,29,700 per kg in the previous trading session.
Overseas Prices Rise
Despite the fall in Delhi, precious metals traded higher in international markets. Spot gold rose marginally to USD 4,063.70 per ounce, while silver gained nearly 2 percent to USD 58.59 per ounce.
Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said overseas gold traded near USD 4,060 per ounce after Brent crude oil fell nearly 4 percent. Oil prices had jumped about 12 percent over the previous five days.
Geopolitical Risks
Singh said the US continued its attacks on Iran for the 14th consecutive night, while President Donald Trump considered a strike on Tehran. The Trump administration has also imposed tariffs on 60 countries, including India, adding to global uncertainty.
Price Outlook
Kaynat Chainwala, AVP Commodity Research at Kotak Securities, said silver's rise above USD 58 per ounce largely followed the decline in crude oil rather than a change in interest-rate expectations.
She said gold could move towards USD 4,100 per ounce and silver could approach USD 60 per ounce if crude oil stabilises and US Treasury yields soften. Domestic prices, however, may remain sensitive to investor demand, currency movements and global developments.
