Gold Falls ₹200 In Delhi Amid Firm Rupee, Subdued Global Cues

Gold started the week on a weak note, with its prices slipping by ₹200 to ₹1,56,400 per 10 grams in the national capital on Monday amid subdued global trends and a stronger rupee.

Gold of 99.9% purity had closed at ₹1,56,600 per 10 grams on Friday.

Silver also took a sharp hit, falling ₹5,000 to ₹2.42 lakh per kilogram, inclusive of all taxes, according to local traders. The white metal had settled at ₹2.47 lakh per kg in the preceding session.

Gold and silver remained caught between competing forces, with hawkish commentary from the Federal Reserve officials and elevated inflation concerns keeping yields and the dollar firm, while continuing tensions in West Asia supported demand for precious metals, said Gaurav Garg, Head of Research at brokerage platform Lemonn.

In global markets, spot gold fell $24.75, or 0.57%, to $4,353.48 per ounce, while silver was flat at $66.27 an ounce.

Traders said the rupee's 15-paise rise to 95.81 against the US dollar and gains in stock markets also impacted the precious metal.

Gold is trading near $4,350 per ounce as oil prices fell for a fourth straight session and ease inflation pressure, Akshat Siddhant, Lead Quant Analyst at investment platform Mudrex, said.

Garg said WTI crude slipped below $100 as investors assessed the possibility of recovering Saudi shipments, although ongoing attacks and supply disruptions remained a key risk.