New Delhi, Sep 29: Gold prices on Tuesday slipped below Rs 1.50 lakh per 10 grams in the national capital for the first time in two months, falling by Rs 1,400 amid bearish local demand and a soaring US dollar.
Falling for the second day, the yellow metal of 99.9 per cent purity traded lower by Rs 1,400 at Rs 1,48,600 per 10 grams, inclusive of all taxes, according to local traders. The precious metal traded at Rs 1.50 lakh per 10 grams on Monday.
Gold was last quoted around these levels on July 31, when it stood at Rs 1,48,300 per 10 grams.
Silver, however, remained unchanged at Rs 2.32 lakh per kilogram, inclusive of all taxes. The white metal had fallen Rs 5,000 in the previous session from Friday’s closing level of Rs 2.37 lakh per kg.
“Gold experienced a sharp correction in September, dipping below Rs 1.5 lakh per 10 grams due to significant global pressures,” said Pinky Yadav, Commodity Fundamental Analyst at Choice Broking.
In global markets, however, spot gold staged a modest recovery after tumbling 4 per cent in the previous session. The yellow metal rose USD 30.34, or nearly 1 per cent, to USD 4,145.26 per ounce.
Silver also rebounded and traded flat at USD 60.69 per ounce after declining nearly 6 per cent in the preceding session.
“Gold is recovering marginally to around USD 4,140 an ounce, while silver is near USD 60.5, as it remains near a seven-week low as expectations of higher-for-longer US interest rates which kept bond yields elevated,” said Gaurav Garg, Head of Research at brokerage platform Lemonn.
Meanwhile, crude oil continued to see-saw amid mixed news flow, said Praveen Singh, Head of Commodities at Mirae Asset Sharekhan.
US President Donald Trump called the reports of sanction relief for Iran on nuclear issues a “hoax”.
Iranian Foreign Minister Abbas Araghchi said the official US response to Tehran’s proposal for reopening the Strait of Hormuz was likely to come later in the day.
