Gold and Silver Prices Drop Today: Latest Updates
Gold Prices See a Sharp Decline
On Friday, gold prices took a big hit. They dropped by Rs 600 to Rs 99,020 per 10 grams in Delhi. This happened because stockists started selling more. Also, the US dollar got stronger, as per the All India Sarafa Association.
Here’s what you need to know:
- On Thursday, gold with 99.9% purity was at Rs 99,620.
- Gold with 99.5% purity fell by Rs 500 to Rs 98,500 per 10 grams.
- The US dollar and Treasury yields went up. This was because of strong US economic data.
How US Economic Data Affects Gold Prices
Saumil Gandhi works at HDFC Securities. He explained what’s happening. He said, “Gold prices fell on Friday. This was because the US dollar and Treasury yields went up. Strong US economic data made people think the US Federal Reserve might not cut interest rates. This is bad news for gold prices.”
Silver Prices Take a Hit Too
Silver prices also fell. They dropped by Rs 1,000 to Rs 1,04,800 per kg. On Thursday, silver was at Rs 1,05,800 per kg.
What’s Happening in the International Market?
In the international market, spot gold went up a little. It reached $3,334.45 per ounce.
What’s Next for Gold Prices?
Chintan Mehta is the CEO of Abans Financial Services. He shared his thoughts. He said, “Gold prices might change soon. This is because of the upcoming US Personal Consumption Expenditures (PCE) inflation report. If the PCE data is stronger than expected, people might worry about inflation. This could increase the demand for safe investments like gold. But if the data is weaker, people might hope for interest rate cuts.”
