Gold prices retreated by Rs 700 to Rs 1,41,800 per 10 grams (yaani about Rs 1.42 lakh) in the national capital on Tuesday, as a global sell-off and a recovery in crude oil prices made investors cautious, according to the All India Sarafa Association figures reported by PTI.
Source: PTI via The Sen Times
The yellow metal of 99.9 per cent purity had closed at Rs 1,42,500 per 10 grams on Monday. Silver, which had remained steady in the previous session, also joined the decline, tumbling Rs 2,000 to Rs 1,84,000 per kilogram (yaani Rs 1.84 lakh per kg), inclusive of all taxes, from Rs 1,86,000 per kg in the preceding session.
Source: PTI via The Sen Times
In international markets, spot gold slipped USD 41.19, or 1.04 per cent, to USD 3,905.44 per ounce, while silver fell over 3 per cent to USD 48.97 per ounce, PTI reported.
Source: PTI via The Sen Times
Futures trade on the MCX told the same story. MCX gold futures for December delivery were trading at Rs 1,38,552 per 10 grams, down Rs 1,634 or 1.17 per cent from the previous close of Rs 1,40,186, while silver futures fell Rs 5,878 or 3.2 per cent to Rs 1,77,901 per kg, according to Upstox. Futures prices differ from the Sarafa Association's physical-market rates in Delhi.
Source: Upstox
The fall comes just days before Dhanteras on November 6 and Diwali on November 8, when many households traditionally buy gold and silver jewellery, coins and other precious-metal items, Upstox noted. A softer price ahead of the festival buying day could support footfall at jewellery shops, though traders will watch global cues and crude prices for the next move.