Gold and silver prices decline
image for illustrative purpose
New Delhi: Gold prices tumbled by Rs750 to Rs75,650 per 10 grams, snapping a six-day winning streak in the local market on Friday, tracking a weak trend globally amid subdued demand by jewellers.
According to All India Sarafa Assocation, the precious metal rates had closed at Rs76,400 per 10 grams in the previous session. Meanwhile, gold of 99.5 per cent purity also declined by Rs800 to Rs75,300 per 10 grams. It had settled at Rs76,100 per 10 grams on Thursday. Silver prices also nosedived by Rs1,000 to Rs93,000 per kg. In the previous session, it had ended at Rs94,000 per kg. Traders attributed the decline in gold prices to a weak trend in the overseas markets and easing demand by jewellers within the country.
In the international markets, Comex gold was trading lower at $2,414.60 per ounce, down by $41.80 per ounce from the previous day. “Comex gold continued to trade lower for the third consecutive session on Friday, pressured by the recovery in the US dollar from four-month lows and an increase in US 10-year treasury yields. “Further, profit-taking by investors near all-time highs amid concerns over the tariff war with China and other political and geopolitical challenges overshadowed the growing likelihood of interest rate cuts,” Kaynat Chainwala, AVP of Commodity Research at Kotak Securities, said.
