Gold Slides Rs 2,000, Silver Drops Rs 5,000 in Delhi

New Delhi, Jul 24 (PTI) Gold prices dropped by Rs 2,000 to Rs 1.47 lakh per 10 grams in the national capital on Friday due to profit-taking by traders.

The precious metal of 99.9 per cent purity depreciated by Rs 2,000 to Rs 1,47,200 per 10 grams (inclusive of all taxes), marking its second straight day of losses. Gold traded at Rs 1,49,200 per 10 grams on Thursday, according to local traders.

Silver prices also declined by Rs 5,000 to Rs 2,24,700 per kg (inclusive of all taxes) due to heavy selling. The white metal had settled at Rs 2,29,700 per kg in the previous session.

Traders said bullion prices remained under pressure in the domestic market amid weak buying sentiment.

However, in the international markets, spot gold gained marginally to trade at USD 4,063.70 per ounce and silver rose nearly 2 per cent to USD 58.59 per ounce.


"Spot gold traded higher marginally around USD 4,060 per ounce in the overseas markets as Brent oil has retreated nearly 4 per cent following a spike of 12 per cent in five days," said Praveen Singh, Head of Commodities at Mirae Asset ShareKhan.

He said the US continued attacks on Iran for the 14th consecutive night as President Donald Trump weighed a massive strike on Tehran.

The Trump administration has also imposed tariffs on 60 countries, including India.

Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said silver rose more than 1 per cent to around USD 58 per ounce, largely tracking the pullback in crude oil prices rather than any meaningful shift in interest-rate expectations.

She said gold could advance towards USD 4,100 per ounce and silver towards USD 60 per ounce if crude oil stabilises and US Treasury yields ease.