Gold and silver prices declined for the third consecutive trading session in Delhi’s bullion market on Friday, October 23. Gold fell by Rs 1,900 to Rs 1,46,100 per 10 grams, while silver dropped by Rs 5,500 to Rs 2,02,000 per kilogram. Weakness in international markets, a ber US dollar and elevated crude oil prices were cited as factors weighing on the market.
According to the All India Sarafa Association, the price of 99.9% pure gold in Delhi stood at Rs 1,46,100 per 10 grams on Friday, compared with Rs 1,48,000 per 10 grams on Thursday. The decline amounted to Rs 1,900 in a single trading session. The prices released by the association include all taxes.
Gold prices have declined for three consecutive trading sessions. According to market analysts, increased selling by investors in global markets has also affected domestic prices.
Soumil Gandhi, Senior Commodity Analyst at HDFC Securities, said that weak international cues had pushed domestic gold prices to their lowest level since early July.
Silver prices recorded a larger decline than gold. In Delhi, silver fell by Rs 5,500 on Friday to Rs 2,02,000 per kilogram, compared with Rs 2,07,500 per kilogram on Thursday.
This marked the third consecutive trading session of decline for silver. Since September 30, its price has fallen by around Rs 30,000 per kilogram, representing a decline of approximately 13%.
According to Pinky Yadav, Commodity Analyst at Choice Broking, silver has become around 14% cheaper over the past month. Several investors facing losses in the stock market have been selling other assets to arrange funds. This has also affected gold and silver prices.
