New Delhi: Gold prices dropped by Rs 100 to Rs 74,250 per 10 grams in Delhi on Thursday, as reported by the All India Sarafa Association.
In the previous session, gold had closed at Rs 74,350 per 10 grams.
Silver prices also saw a decline, falling by Rs 600 to Rs 87,200 per kilogram, marking the second consecutive session of losses from the previous close of Rs 87,800 per kilogram.
Additionally, gold of 99.5 percent purity fell by Rs 100 to Rs 73,900 per 10 grams on Thursday, down from its previous closing price of Rs 74,000 per 10 grams.
Traders cited reduced demand from jewellers in local markets as a key factor behind the decline in gold prices.
On the global stage, COMEX gold is trading at USD 2,555.10 per ounce, up by USD 17.30 per ounce, or 0.68 percent.
“Gold prices rose on Thursday, trading within a range as traders awaited key US macroeconomic data, including unemployment claims and GDP figures,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities. He added that this data could influence the US Federal Reserve’s monetary policy, affecting gold prices in the near term.
Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas, noted that gold has remained lackluster this week as the market awaits Personal Consumption Expenditures (PCE) data on Friday, which may impact expectations for future US Fed interest rate cuts.
In the international markets, silver was quoted higher at USD 29.97 per ounce.
Prathamesh Mallya, DVP-Research, Non-Agri Commodities and Currencies at Angel One, mentioned that gold ETFs saw net inflows worth USD 403 million, primarily driven by North American funds.
Mallya also highlighted that China’s net gold imports increased by 17 percent in July, the first rise since March, indicating stronger demand that could potentially support global prices.
