Gold prices recorded a sharp decline in the national capital’s bullion market on Monday amid heavy selling in global markets. According to local traders, gold prices fell by ₹2,600 to ₹1.50 lakh per 10 grams. Selling pressure in international markets, rising crude oil prices and a stronger US dollar affected the domestic market.
Gold of 99.9% purity had closed at ₹1,52,600 per 10 grams in the previous trading session. On Monday, it declined by ₹2,600 to reach ₹1,50,000 per 10 grams.
Silver prices also witnessed a sharp decline on Monday. Silver fell by ₹5,000 to ₹2.32 lakh per kilogram. According to local traders, this price includes all taxes. Silver had closed at ₹2.37 lakh per kilogram on Friday.
According to market experts, increasing pressure on precious metals in international markets also affected domestic prices. Rising crude oil prices and a stronger US dollar influenced investor sentiment, leading to increased selling in gold and silver.
The sharp fall in gold and silver prices during a single trading session is now being closely watched by the market. Investors are monitoring movements in the dollar, crude oil and precious metals in global markets. These factors could continue to influence the domestic bullion market in the coming trading sessions.
