Delhi bullion market saw a sharp drop in gold prices. 10 grams of 99.9% pure gold fell by ₹ 1,670 to ₹ 1,31,530. In the previous session, this price was ₹1,33,200. According to the All India Sarafa Association, the weakness in the international market has had a direct impact on domestic prices.
PTI quoted experts in its report as saying that after seeing a sharp rise in gold prices in the last few days, many investors started booking profits.
According to Soumil Gandhi, commodity expert at HDFC Securities, "As gold hit multi-week highs last session, investors started booking profits. Traders also appeared cautious due to important US economic data due this week."
In contrast to gold's weakness, silver continued its upward trend. Silver prices increased by Rs 4,360 to Rs 1,81,360 per kg. Earlier, this price was Rs 1,77,000.
Mira Asset Sharekhan's Praveen Singh said the domestic bullion market is being supported by one key factor: the weakness of the Indian rupee, which has fallen to a record low of 89.95 per dollar. This strengthens gold and silver prices.
Gold prices remained weak in the international market as well. Spot gold fell $45.17 to $4,187 an ounce, while silver fell 1.77 percent to $56.97 an ounce.
