Gold falls Rs 700, silver slumps Rs 8,900 in Delhi

Delhi: Gold prices fell by Rs 700 to Rs 1.46 lakh per 10 grams in the national capital on Tuesday, and silver slumped by Rs 8,900, as subdued demand weighed on the domestic bullion market.

The yellow metal of 99.9 per cent purity dropped by Rs 700 to Rs 1,46,300 per 10 grams (inclusive of all taxes) from Monday’s closing level of Rs 1,47,000 per 10 grams.

Silver also witnessed a sharper correction, tumbling Rs 8,900 to Rs 2,26,100 per kilogram (inclusive of all taxes), according to the All India Sarafa Association.

The white metal had closed at Rs 2,35,000 per kg in the preceding session.

Traders said sluggish offtake from jewellers and industrial users kept precious metals under pressure despite resilient overseas prices.

In the international markets, spot gold gained marginally to trade at USD 4,020.13 per ounce, and silver rose nearly 1 per cent to USD 58.06 per ounce.

“Bullion attempted to recover from Monday’s sharp sell-off, but gains remained limited amid elevated crude oil prices, revived inflation concerns and reinforced expectations that the Federal Reserve could maintain a hawkish monetary policy stance,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.