Gold, Silver Prices Dip Further — Check Rates In Delhi, Mumbai, Other Cities
Gold prices in India today slumped to Rs 1,22,320, after the festive season.
Gold prices in India today slumped to Rs 1,22,320, after the festive season. On Tuesday, Gold prices slid the most in 12 years after a weeks-long furious rally.
Bullion's record high prices fell by as much as 6.3% after hitting a fresh peak of $4,381.52 an ounce the previous day. A confluence of factors dragged down the precious metal including positive trade talks between China and the US, a stronger dollar, overstretched technicals, and uncertainty on investor positioning due to the government shutdown were factors cited for the price drop on the gloabl scale. While in India, the end of the seasonal buying spree stands as the major reason for the dip.
Gold prices had scaled a new peak for the fifth consecutive session in the international market earlier last week. The heightened US-China trade frictions and bets of a Fed rate cut through the end of the year have supported demand of the yellow metal, as reported by Bloomberg.
Further, investor holdings of gold exchange-traded funds reached their highest level in three years. The total gold ETF holdings climbed to 98.9 million troy ounces as of Tuesday, according to global data compiled by Bloomberg. Marking the highest levels since since Sept. 16, 2022.
Gold Price: Delhi, Mumbai, Chennai Prices
In New Delhi, the price stood at Rs 1,21,890, per 10 gm, and in Mumbai, it stood at Rs 1,22,100 on Thursday.
In Bengaluru, the rate stood at Rs 1,22,200, while in Kolkata, it was Rs 1,21,940 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,22,450 per 10 gm.
The Dec. 5 futures stood at Rs 1,22,050 according to the Multi-Commodity Exchange. The spot prices of the yellow metal rose to $4,077 on Friday, according to the World Gold Council, declining over $300 compared to the previous week.
Silver: Spot And Future Price
The precious metal's price also slipped to Rs 1,46,080 per kilogram, according to the India Bullion Association.
Dec. 5 futures for silver were trading lower at Rs 1,45,751, according to the Multi-Commodity Exchange.
