Gold extends slide to Rs 1.48 lakh per 10 gm in Delhi

Gold prices fell for the second straight session, declining Rs 700 to Rs 1.48 lakh per 10 grams in the National Capital on Wednesday, as subdued local demand and weak global trend weighed on the precious metal.

The yellow metal of 99.9 per cent purity fell to a one-week low, depreciating Rs 700 to Rs 1,48,900 per 10 grams, inclusive of all taxes, from Tuesday’s closing level of Rs 1,49,600, according to local traders. It was quoted at Rs 1,48,600 per 10 grams on September 29.

“Gold prices declined in the domestic market on Wednesday amid weak global cues and subdued retail demand,” said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities. A rebound in crude oil amid renewed concerns over supply disruptions triggered by West Asia tensions also added to the dip in precious metal prices, he added.

However, depreciation in the rupee kept a lid on the precious metal’s upside, analysts said. The rupee slumped 43 paise to close at 96.78 (provisional) against the US dollar on Wednesday.

Silver, meanwhile, remained unchanged for the third consecutive session, at Rs 2.27 lakh per kilogram, traders said.