Gold slides Rs 1,600 to Rs 1.52 lakh per 10 gm as oil surges
Gold prices declined Rs 1,600 to Rs 1.52 lakh per 10 grams in the national capital on Thursday, extending the losing streak for the fourth consecutive session, as the rising US dollar and higher crude oil prices weighed on the precious metal. The yellow metal of 99.9 per cent purity depreciated by Rs 1,600 to Rs 1,52,400 per 10 grams, inclusive of all taxes, from Wednesday’s closing level of Rs 1.54 lakh per 10 grams, according to local traders.
Silver, meanwhile, saw a downward momentum after remaining unchanged for the past two sessions, tumbling Rs 5,000 to Rs 2.37 lakh per kilogram (inclusive of all taxes). The white metal had settled at Rs 2.42 lakh per kg in the previous session. The continued selloff in gold pushed the metal deeper into a four-session decline, with traders attributing the weakness to weak global trends and profit-booking at elevated levels.
Silver took a bigger hit as its greater volatility and exposure to industrial demand amplified the selling pressure, ending the day well below its previous close, traders said. The rupee’s slide to 95.96 against the US dollar offered some cushion to domestic bullion prices, limiting the extent of decline, they added.
According to Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, domestic gold prices edged lower amid weak global cues and subdued retail demand.
He noted that a stronger US dollar and rising Treasury yields continued to weigh on precious metals.
