Gold Prices Drop for Fifth Consecutive Day in Delhi Gold prices continued their downward trend for the fifth consecutive day on Tuesday, falling to Rs 1.58 lakh per 10 grams in Delhi, a decline of Rs 2,700 from the previous day. This marks a nearly two-week low for the precious metal, with traders reporting that the national capital’s gold prices had last reached this level on August 19. Over the past five trading sessions, gold has dropped by Rs 8,900, or 5.3 percent, from its peak of Rs 1,67,100 per 10 grams recorded on August 25. The decline in gold prices was driven by a combination of factors, including a global sell-off and heightened geopolitical tensions between the United States and Iran. The recent escalation in the US-Iran conflict has pushed oil prices higher, raising concerns about inflation and shifting investor focus toward the Federal Reserve’s interest rate outlook. Domestic gold prices are under pressure as rising oil costs contribute to inflationary pressures, according to Vedika Narvekar, a research analyst at Anand Rathi Share and Stock Brokers Ltd. Silver also experienced a decline, falling by Rs 5,000 to Rs 2,40,500 per kg (inclusive of all taxes), down from its closing level of Rs 2,45,500 per kg on Monday. The drop in silver prices reflects broader market sentiment, as investors remain cautious about the economic outlook. The sell-off in gold was more pronounced in international markets, where spot gold prices fell by USD 80.61, or 2 percent, to USD 4,368.58 per ounce. Silver prices also dropped nearly 3 percent to USD 64.68 per ounce. Praveen Singh, head of commodities at Mirae Asset ShareKhan, attributed the decline to the hawkish tone of Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole Symposium last week.#delhi #mirae_asset_sharekhan #praveen_singh #anand_rathi_share_and_stock_brokers_ltd #vedika_narvekar
