Gold Prices Slip Below Rs 1 Lakh- Mark on Weak Global Cues

Strategic Insights -

Gold prices in the national capital fell below the Rs 1 lakh-mark on Friday due to selling by jewellers and stockists in line with weak global cues. The precious metal of 99.9 percent purity dipped to Rs 99,960 per 10 grams, while gold of 99.5 percent purity dropped to Rs 99,250 per 10 grams. Silver prices also plummeted by Rs 2,000 to Rs 1,05,200 per kilogram. The decline in prices came as investors liquidated positions in bullion to cover losses elsewhere amid rising geopolitical tensions between Israel and Iran.

Key Takeaways:

  • Gold prices slipped below the Rs 1 lakh-mark, dipping Rs 600 to Rs 99,960 per 10 grams due to selling by jewellers and stockists.
  • Gold of 99.5 percent purity dropped Rs 550 to Rs 99,250 per 10 grams, compared to Rs 99,800 per 10 grams on Thursday.
  • Silver prices fell by Rs 2,000 to Rs 1,05,200 per kilogram on Friday, and had ended at Rs 1,07,200 per kilogram on Thursday.
  • The decline in prices was attributed to weak global cues, including a sharp decline in spot gold prices, which fell 0.5% to $3,353.67 per ounce in overseas markets.
  • Intensifying conflict between Israel and Iran and weakness in the rupee supported prices of gold and silver in domestic markets.

Statistics:

  • Gold prices dipped by Rs 600 to Rs 99,960 per 10 grams in the national capital on Friday.
  • Gold of 99.5 percent purity dropped Rs 550 to Rs 99,250 per 10 grams.
  • Silver prices fell by Rs 2,000 to Rs 1,05,200 per kilogram on Friday.
  • Spot gold prices fell 0.5% to $3,353.67 per ounce in overseas markets.
  • Spot silver fell 0.77% to $36.10 per ounce in overseas markets.

Sources:

  • "Gold prices slip below Rs 1 lakh-mark, dip by Rs 600 to Rs 99,960 per 10 grams." (The Times of India)
  • All India Sarafa Association: All India Sarafa Association: Gold dips on weak global cues, jewellers and stockists sell (The Times of India)
  • Mehta Equities: Rahul Kalantri, Vice-President, Commodities (cited in the article)
  • LKP Securities: Jateen Trivedi, VP Research Analyst Commodity and Currency (cited in the article)