New Delhi, India – Gold prices in the national capital experienced a notable decline on Friday, with 10 grams of 99.9% purity gold falling by Rs 600 to Rs 99,020. This marks a decrease from its Thursday closing price of Rs 99,620. Gold of 99.5% purity also saw a dip of Rs 500, settling at Rs 98,500 per 10 grams (inclusive of all taxes), down from Rs 99,000.
The downturn is primarily attributed to fresh selling by stockists and a stronger US dollar and higher treasury yields, according to the All India Sarafa Association.
“Gold prices declined on Friday as the US dollar and treasury yields moved higher following stronger than expected US macroeconomic data,” explained Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities. He added that the positive macro data reduced expectations of an interest rate cut by the US Federal Reserve, further negatively impacting gold prices.
Silver Also Plunges
Silver prices mirrored gold’s decline, plunging by Rs 1,000 to Rs 1,04,800 per kilogram (inclusive of all taxes) on Friday. It had closed at Rs 1,05,800 per kg in the previous market session.
