Gold Falls ₹2,000 To ₹1.47 Lakh In Delhi

Gold prices in Delhi fell by ₹2,000 to ₹1.47 lakh per 10 grams on Friday, marking the second consecutive session of losses for the yellow metal. The price decline was attributed to weak buying interest and profit-taking by traders.

The price of gold of 99.9 percent purity declined to ₹1,47,200 per 10 grams, inclusive of all taxes, from ₹1,49,200 per 10 grams on Thursday.

Silver prices also slipped by ₹5,000 to ₹2,24,700 per kg, inclusive of taxes, amid heavy selling. The white metal had settled at ₹2,29,700 per kg in the previous trading session.

Despite the fall in Delhi, precious metals traded higher in international markets. Spot gold rose marginally to $4,063.70 per ounce, while silver gained nearly 2 percent to $58.59 per ounce.

According to Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, overseas gold traded near $4,060 per ounce after Brent crude oil fell nearly 4 percent. Oil prices had jumped about 12 percent over the previous five days.

The ongoing geopolitical tensions, including the US attacks on Iran and the imposition of tariffs on 60 countries, including India, have added to global uncertainty.

Kaynat Chainwala, AVP Commodity Research at Kotak Securities, said silver's rise above $58 per ounce largely followed the decline in crude oil rather than a change in interest-rate expectations. She predicted that gold could move towards $4,100 per ounce and silver could approach $60 per ounce if crude oil stabilises and US Treasury yields soften.

However, domestic prices may remain sensitive to investor demand, currency movements, and global developments.

The price outlook for gold and silver remains uncertain, with traders and investors closely watching global events and market trends.

In conclusion, the fall in gold and silver prices in Delhi reflects the current market sentiment, with traders booking profits and weak buying interest. However, the rise in international markets suggests that the precious metals may still have potential for growth in the future.