Gold prices declined by Rs 1,300 to Rs 1.44 lakh per 10 grams in the national capital on Wednesday, as weak global market trends and a strong US dollar weighed on the precious metal.
According to local marketmen, the yellow metal of 99.9 per cent purity extended losses for the second straight session, depreciating Rs 1,300 to Rs 1,44,500 per 10 grams (inclusive of all taxes).
It had closed at Rs 1,45,800 per 10 grams on Tuesday.
Silver, however, continued its upward momentum for the second straight day, climbing Rs 5,000 to Rs 2,35,000 per kilogram (inclusive of all taxes).
The white metal had settled at Rs 2,30,000 per kg in the preceding session.
“Gold prices in the domestic market traded under pressure on Wednesday amid a stronger US dollar and rising Treasury bond yields, which reduced the demand for the precious metal,” Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
In the international markets, spot gold slipped USD 21.75, or 0.54 per cent, to USD 3,986.07 per ounce, and silver declined 1 per cent to USD 58 per ounce.
“Spot gold fell for the third straight day in the overseas market to trade around USD 3,980 per ounce as the US dollar index rose 0.15 per cent to 101.34,” Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said.
Analysts noted that the strengthening of the US dollar weighed on bullion prices, as gold becomes costlier for overseas buyers.
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