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Gold Loses 3.6% in Four Days Globally; Indian Market Mirrors Decline Ahead of Key US Data
Gold Silver Price: Amid weak demand, gold prices fell by ₹3,900 to ₹1,25,800 per 10 grams. Silver prices also remained under pressure, falling by ₹7,800 to ₹1,56,000 per kilogram (including all taxes).
Globally, gold and silver prices dropped on receding hopes of a rate cut by the US Federal Reserve next month. In the national capital, Delhi, gold prices plunged ₹3,900 to ₹1,25,800 per 10 grams on Tuesday. This precious metal with 99.5 percent purity dipped by ₹3,900 to ₹1,25,200 per 10 grams. Silver prices also remained under pressure, sliding by ₹7,800 to ₹1,56,000 per kg (including all taxes), according to the All India Sarafa Association.
Gold and silver witnessed heavy selling as investors awaited Federal Reserve policy cues from US economic data due this week, dampening expectations of a US interest rate cut.
Augmont's head of research, Renisha Chainani, said the absence of US data for the past six weeks and hawkish comments by several Fed officials have diminished the likelihood of an interest rate cut in December.
