Gold prices in India fell sharply on Tuesday, losing ₹1,200 to trade at ₹1,24,100 per 10 grams in New Delhi, succumbing to weak global cues, and the strength of the US dollar. The dip came in the wake of hawkish comments from several US Fed officials, which subdued rate cut expectations for next month.
On the local bullion scene, gold of 99.5% purity fell by ₹1,200 to ₹1,23,500 per 10 grams, making it the second straight day of losses for the yellow metal. Till Monday, this had closed at ₹1,24,700 per 10 grams. In a similar tone, gold of 99.9% purity had ended the previous session at ₹1,25,300 per 10 grams.
Silver prices lost out to the tune of ₹2,500 at ₹1,51,500 per kilogram yesterday on the loss of strength from ₹1,54,000 per kg in the previous session.
In the international market, spot gold dropped by $7.84 or 0.2% to $3,993.65 per ounce; silver came down nearly 1% to $47.73 per ounce.
With $ getting stronger against the weakening Gold prices, Federal Reserve dignitaries have expressed caution on rate cut, noted Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
Gold Rates at Major Jewellers (Approximate, 22K per 10g)
Tanishq: ₹1,13,500
Malabar Gold & Diamonds: ₹1,13,300
Joyalukkas: ₹1,13,450
Briefly stated, prices would change with the city and present market conditions.
