Gold prices in the national capital slipped by ₹600 on Thursday, settling at ₹1,31,600 per 10 grams, driven by weak global cues and investor caution ahead of the US Federal Reserve’s crucial policy meeting next week. The 99.9% purity gold rate had closed at ₹1,32,200 the previous day.
Silver also continued its downward trend, falling ₹900 to ₹1,80,000 per kilogram, marking its second day of losses.
Why Gold Prices Fell
Analysts attribute the decline to subdued global demand and the cautious stance adopted by traders ahead of the Federal Open Market Committee (FOMC) meeting.
Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said:
“Gold prices retreated amid lack of follow-up buying and a cautious tone among market participants.”
Globally, spot gold dipped 0.15% to USD 4,197.10 per ounce.
Praveen Singh, Research Analyst at Mirae Asset Sharekhan, noted that the mixed US economic data contributed to the consolidation in gold prices.
He added:
“Spot gold is trading near USD 4,193 as mixed US data is leading to further consolidation.”
US Economic Data Adds Pressure
The latest US ADP employment report revealed the worst payroll decline since 2023, increasing expectations of a potential Federal Reserve rate cut. This uncertainty has kept investors cautious, impacting metal prices globally.
Originally published on 24×7-news.com.
