Gold prices in New Delhi fell by Rs 70 to Rs 72,080 per 10 grams on Friday, following a global trend, as reported by HDFC Securities. The previous session had seen gold prices at Rs 72,150 per 10 grams. Similarly, silver prices also saw a decline, dropping by Rs 250 to Rs 90,700 per kg from the previous close of Rs 90,950 per kg.
Saumil Gandhi, a Senior Analyst of Commodities at HDFC Securities, stated, “In Delhi markets, spot gold prices (24 carats) are trading at Rs 72,080 per 10 grams, down by Rs 70 from the previous close.” The international market also witnessed a dip in spot gold at Comex, trading at USD 2,310 per ounce, down USD 3 from the previous close.
The decrease in gold prices was attributed to a surge in the US dollar and the hawkish stance taken by the US Federal Reserve this week. Experts suggest that the Fed’s aggressive approach towards interest rates has put pressure on gold prices, with the expectation of only one rate cut in 2024, compared to the previous forecast of three cuts.
Silver also saw a decline, trading lower at USD 29.05 per ounce compared to the previous session’s price of USD 29.30 per ounce. Despite the current market conditions, experts believe that retail gold demand from Asian countries will remain strong this year due to geopolitical uncertainties.
