Gold and silver prices declined for a third straight session in the national capital on Friday, October 23, as rising crude oil prices and a stronger US dollar weighed on investor sentiment, PTI reported.

Source: PTI via The Sen Times

The 99.9 per cent pure gold slumped by Rs 1,900 to Rs 1,46,100 per 10 grams, inclusive of all taxes — yaani Rs 1.46 lakh per 10 grams — from Thursday's closing level of Rs 1,48,000 per 10 grams, according to the All India Sarafa Association. Silver tumbled Rs 5,500 to Rs 2,02,000 per kilogram — yaani Rs 2.02 lakh per kg — from the previous close of Rs 2,07,500 per kg.

Rs 1,46,100gold per 10 grams in Delhi (down Rs 1,900)
Rs 2,02,000silver per kg (down Rs 5,500)
3rd sessionof straight losses for both metals
Rs 30,000silver's fall (about 13%) since September 30

"Domestic gold prices fell to their lowest level since early July, tracking bearish global cues," said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, quoted by PTI. Globally, spot gold slipped below USD 4,000 per ounce before recovering to trade flat at USD 4,024.37 per ounce, while silver dropped 1.41 per cent to USD 53.83 per ounce; spot gold touched a fresh cycle low of USD 3,986 per ounce in overseas markets, said Praveen Singh, Head of Commodities at Mirae Asset Sharekhan.

Pinky Yadav, Commodity Fundamental Analyst at Choice Broking, said silver prices have declined around 14 per cent over the past month amid a broader equity-market selloff, as investors liquidated precious metals to cover losses in technology stocks. A stronger US dollar, rising bond yields and persistent inflation fears driven by escalating tensions in West Asia have pushed crude oil prices towards USD 115 per barrel, raising expectations that interest rates may remain elevated for longer, she added. City-wise retail trackers also recorded lower gold and silver rates across Delhi, Mumbai and Kolkata on October 23, Livemint reported.

Source: Livemint

Why it matters

This is the third straight day of losses for buyers and holders of bullion in India. Yesterday Awaaz Punjab reported gold at Rs 1,48,000 and silver at Rs 2,07,500 in Delhi; both metals are lower again today, with silver now down about Rs 30,000 — roughly 13 per cent — since September 30.