New Delhi, Oct 15 Gold prices declined for the fourth straight session, falling Rs 900 to Rs 1.49 lakh per 10 grams in the national capital on Thursday as a stronger rupee and subdued physical demand increased pressure on the precious metal.
The 99.9 per cent pure metal fell Rs 900 to Rs 1,49,900 per 10 grams, inclusive of all taxes, according to local traders.
The yellow metal had closed at Rs 1,50,800 per 10 grams on Wednesday.
Silver prices fared worse, tumbling Rs 6,000 to Rs 2.15 lakh per kilogram, inclusive of all taxes, from the previous close of Rs 2.21 lakh per kg, extending its decline for a fourth consecutive session.
Gold prices in the domestic market on Thursday remained subdued due to a stronger rupee and lacklustre physical demand, said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
The rupee logged the fifth straight session of gains on Thursday, appreciating 12 paise to close at 95.05 against the US dollar, supported by the ongoing impact of the Reserve Bank of India’s structural forex interventions.
Meanwhile, in overseas markets, bullion recovered as demand for precious metals strengthened following a sharp selloff in US equities.
Spot gold gained USD 49.32, or 1.2 per cent, to USD 4,154.65 per ounce, while silver rose nearly 2 per cent to USD 56.69 an ounce.
“Spot gold gained to around USD 4,158 per ounce in overseas trade as the US dollar index has slumped following a decline in Treasury yields,” said Praveen Singh, Head of Commodities at Mirae Asset Sharekhan.
According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, investors are now looking to US Federal Reserve Chair Kevin Warsh’s speech and the central bank’s month-end policy decision for signals on interest-rate expectations, dollar, and bullion prices.
Developments in West Asia and their implications for crude oil prices will also shape bullion’s near-term direction, said Sunny Agrawal, Head of Fundamental Research at SBI Securities.
(PTI News)
