Gold prices in Delhi dropped sharply by ₹3,200 on Saturday, touching a 10-month low of ₹1.42 lakh per 10 grams. The decline marked the second consecutive session of losses as weakness in global precious metal markets continued. According to the All India Sarafa Association, gold of 99.9% purity fell from ₹1,45,200 to ₹1,42,000 per 10 grams.
Silver prices also remained under pressure, falling ₹4,200 to ₹1.86 lakh per kilogram from the previous close of ₹1.90 lakh per kilogram. Market experts said rising energy prices have increased inflation worries, while recent comments from the US Federal Reserve have reduced hopes of interest rate cuts. These factors have weighed heavily on demand for precious metals.
In international markets, spot gold fell nearly 4% to around $3,875 per ounce, while silver dropped about 6% to $49.12 per ounce. Analysts said expectations of higher-for-longer US interest rates, along with broader market weakness and selling pressure from investors, have triggered a sharp correction in bullion prices. The fall in global prices has also affected sentiment in the Indian market, leading to a steep decline in gold and silver rates.
