Gold price drops Rs 900 to Rs 1.54 lakh/10g
Gold prices fell for the third straight session, declining Rs 900 to Rs 1.54 lakh per 10 grams in the National Capital on Wednesday as a stronger US dollar and weak global trends weighed on investor sentiment.
The yellow metal of 99.9 per cent purity had closed at Rs 1,54,900 per 10 grams on Tuesday. Silver, however, remained unchanged for the second straight session at Rs 2.42 lakh per kilogram, inclusive of all taxes, according to local traders.” Gold traded weak on Wednesday as traders booked profits at higher levels,” said Jateen Trivedi, VP Research Analyst —Commodity and Currency, LKP Securities.
The dollar index rose towards 100.85, adding further pressure on bullion, he added. While gold prices have weakened in recent sessions, the precious metal remains significantly more expensive than a year ago, a change that is also altering the way domestic consumers buy it. According to Akshat Garg, Head of Research & Product at Choice Wealth, the 15 per cent fall in Ganesh Chaturthi sales volumes does not mean Indians have lost their affinity for gold; rather, it shows a change in how they buy it.
