Gold prices in the nation’s capital city, Delhi, witnessed a steep fall on Thursday. The fall in the prices is owing to the booking of profits after an uninterrupted increase for seven sessions. The price of gold for 10 grams reduced by ₹2,800 to ₹1,57,000. The closing price of the metal yesterday was ₹1,59,800 per 10 grams.

As per the All India Sarafa Association, selling pressure on gold also caused a decline in silver prices. The price of silver decreased by ₹6,000 to ₹2,40,000 per kilogram (inclusive of all taxes). The price of the metal closed at ₹246,000 per kilogram in the previous session. Jatin Trivedi, research analyst at LKP Securities, commented that investors were booking profits.

Inflation in the US was already impacting the bullion market. This was witnessed even in the international market, where spot gold declined 0.43 percent to trade at $4,389.67 per ounce. Similarly, spot silver also witnessed a marginal fall to $65.03 per ounce.

Praveen Singh, head of commodities at Mirae Asset Sharekhan, said spot gold also fell in foreign markets. This decline was due to profit-booking. The much-awaited US July Consumer Price Index (CPI) inflation data came in line with forecasts, which led traders to book profits. Crude oil prices also fell amid conflicting claims regarding the Strait of Hormuz. The dollar index remained stable.

Saumil Gandhi, Senior Analyst at HDFC Securities, said that the impact of the CPI is now behind the market. Investors' attention has now shifted to the US Producer Price Index (PPI). This will provide further indications on inflation and the Federal Reserve's policy path. The PPI data will be crucial for the market.

Gandhi explained that a lower PPI figure could raise expectations of a more accommodative stance from the Federal Reserve, which could boost precious metal prices. Meanwhile, a higher-than-expected result could increase concerns about ongoing inflation, leading to increased selling pressure.

Gold prices in the nation’s capital city, Delhi, witnessed a steep fall on Thursday. The fall in the prices is owing to the booking of profits after an uninterrupted increase for seven sessions. The price of gold for 10 grams reduced by ₹2,800 to ₹1,57,000. The closing price of the metal yesterday was ₹1,59,800 per 10 grams.

As per the All India Sarafa Association, selling pressure on gold also caused a decline in silver prices. The price of silver decreased by ₹6,000 to ₹2,40,000 per kilogram (inclusive of all taxes). The price of the metal closed at ₹246,000 per kilogram in the previous session. Jatin Trivedi, research analyst at LKP Securities, commented that investors were booking profits.

Inflation in the US was already impacting the bullion market. This was witnessed even in the international market, where spot gold declined 0.43 percent to trade at $4,389.67 per ounce. Similarly, spot silver also witnessed a marginal fall to $65.03 per ounce.

Praveen Singh, head of commodities at Mirae Asset Sharekhan, said spot gold also fell in foreign markets. This decline was due to profit-booking. The much-awaited US July Consumer Price Index (CPI) inflation data came in line with forecasts, which led traders to book profits. Crude oil prices also fell amid conflicting claims regarding the Strait of Hormuz. The dollar index remained stable.

Saumil Gandhi, Senior Analyst at HDFC Securities, said that the impact of the CPI is now behind the market. Investors' attention has now shifted to the US Producer Price Index (PPI). This will provide further indications on inflation and the Federal Reserve's policy path. The PPI data will be crucial for the market.

Gandhi explained that a lower PPI figure could raise expectations of a more accommodative stance from the Federal Reserve, which could boost precious metal prices. Meanwhile, a higher-than-expected result could increase concerns about ongoing inflation, leading to increased selling pressure.