Gold and Silver Prices Fall Today: Gold Drops After Seven Sessions of Gains, US CPI in Focus
Gold Silver Price: Gold prices in the capital Delhi were broken by profit-booking. The price of 10 grams of gold fell by ₹2,800 to ₹1,57,000. Silver also fell by ₹6,000. US inflation and PPI data are influencing the market.
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.
