New Delhi | Economy India | Gold prices in the national capital declined on Monday, slipping from their record high as fresh selling by stockists weighed on sentiment. The precious metal fell ₹200 to ₹1,07,670 per 10 grams, marking its first decline after hitting an all-time peak last week.
According to bullion market traders, renewed selling pressure at higher levels, coupled with subdued global cues, contributed to the fall.
99.5% Purity Gold Also Weakens
Prices of 99.5% purity gold also dropped by ₹200, settling at ₹1,06,800 per 10 grams (inclusive of all taxes). The marginal correction comes after a sharp rally that had pushed the yellow metal to historic highs amid safe-haven demand.
Silver Trends Lower
Alongside gold, silver prices also witnessed weakness in the national capital markets. Dealers said reduced industrial demand and cautious trading by investors impacted silver’s movement.
Market Context
- Last week, gold had scaled record levels driven by a surge in global prices and strong retail demand during the festive buying season.
- Analysts suggest Monday’s decline is a healthy correction, as traders booked profits at elevated levels.
- Internationally, gold prices showed a mixed trend with investors awaiting cues from upcoming US economic data and Federal Reserve policy signals.
What’s Next?
Market experts believe gold will continue to remain volatile in the short term, moving in line with global economic indicators, crude oil trends, and currency fluctuations. However, demand from Indian consumers during the upcoming festive and wedding season may provide support.
(Economy India)
