Prices of gold fell for the fourth straight day in the national capital. On Friday, gold prices slumped by Rs 2,500 to Rs 1.40 lakh per 10 grams on account of lack of demand after Diwali and weak global cues.
As per the All India Bullion Association, 99.9 percent pure gold fell by Rs 2,500 and closed at Rs 1,40,900 per 10 grams. This included all taxes and was down from Thursday’s closing rate of ₹1,43,400 per 10 grams. Prices of silver too started declining, having remained stable in the previous session.
The white metal declined by ₹3,500 to ₹1,84,000 per kg, including all taxes. The previous closing price was ₹1,87,500 per kg. Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities, opined that domestic gold prices were under pressure owing to weak global cues and fall in retail demand after Diwali. According to Vikram Subburaj, Chief Executive Officer, Giottus.com, silver is also facing a sharp decline. Rising US Treasury yields and a strengthening dollar are putting pressure on precious metals.