On Monday October 27, gold and silver prices fell sharply in the Delhi bullion market. The decline was due to easing US-China trade tensions and weak global market sentiment.
Gold prices also fell on October 27 due to weaker international trends and signs of easing US-China trade tensions. The price of 10 grams of gold fell by ₹ 700 to ₹ 1,25,900 in the Delhi bullion market. It closed at ₹1,26,600 per 10 grams on Saturday, October 25.
Gold of 99.5% purity also fell by ₹700 to close at ₹1,25,300 per 10 grams (inclusive of all taxes), according to the All India Bullion Association. Earlier, it had closed at ₹1,26,000 per 10 grams.
Silver prices also fell sharply in the domestic market. On Monday, silver fell by ₹4,250 to ₹1,51,250 per kg (inclusive of all taxes). On Saturday, October 25, silver rose by ₹2,900 to close at ₹1,55,500 per kg.
Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities said, "Gold had a weak start on Monday. Declining trade tensions between the US and China have dampened investor interest, putting pressure on demand for precious metals."
Gold prices fell for the second consecutive day in the foreign market. Spot gold fell by ₹ 97.86, or 2.38 per cent, to ₹ 4,015.55 an ounce. According to Saumil Gandhi, investors are booking profits and withdrawing money from gold-based exchange-traded funds (ETFs), putting further pressure on prices.
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