Gold prices in Delhi fall by Rs 2,200 to Rs 1.43 lakh
Silver prices remained steady at Rs 1,87,500 per kg as gold prices extended their losing streak for a third session.
Gold prices in Delhi declined by Rs 2,200 to Rs 1,43,400 per 10 grams on Thursday, according to reports by Daily Excelsior and Kashmir Observer. The 99.9 per cent purity metal fell from Wednesday's closing price of Rs 1,45,600 per 10 grams.
While gold prices dropped, silver remained unchanged at Rs 1,87,500 per kg. Traders noted that gold prices faced pressure due to subdued buying interest and a decline in international rates.
Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said that spot prices in global markets slipped below USD 3,950 an ounce. He noted this was a decline of USD 39.93, or 1 per cent, amid a strong US dollar.
In global markets, silver fell by 1.17 per cent to USD 51.06 an ounce. The US dollar index traded lower at 102.88 on Thursday.
Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, said that if the dollar index decisively breaches the resistance around 103, it could rise to 104.50, which could intensify downside pressure on the precious metal.
