On Friday, due to profit-taking by traders in the capital Delhi, gold prices fell by Rs 2,000 and came to Rs 1.47 lakh per 10 grams. The price of this precious metal with 99.9 percent purity fell by Rs 2,000 to Rs 1,47,200 per 10 grams (including all taxes), which is the second consecutive day of decline. According to local traders, gold was trading at Rs 1,49,200 per 10 grams on Thursday. Due to heavy selling, silver prices also fell by Rs 5,000 and came to Rs 2,24,700 per kg (including all taxes). In the last session, this metal had closed at Rs 2,29,700 per kg.
Traders said that bullion prices remained under pressure due to weak buying sentiment in the domestic market. However, in the international market, spot gold showed a slight rise and was trading at $ 4,063.70 an ounce, while silver rose by almost 2 percent to $ 58.59 an ounce. Praveen Singh, head of commodities at Mirae Asset Sharekhan, said spot gold in overseas markets was trading marginally higher at around $4,060 an ounce as Brent oil prices fell by about 4 per cent after rising 12 per cent in five days. He said that America continued attacks on Iran for the 14th consecutive night, while President Donald Trump was considering a major attack on Tehran.
The Trump administration has also imposed tariffs on 60 countries including India. Kainaat Chenwala, AVP of Commodity Research at Kotak Securities, said silver rose more than 1 per cent to around $58 an ounce, which was mainly due to the fall in crude oil prices and not any major change in interest rate expectations. He said that if crude oil prices stabilize and US Treasury yields decline, then gold may move towards $ 4,100 an ounce and silver towards $ 60 an ounce.
