New Delhi, Jul 9 (PTI) Gold fell for the fourth straight session, with prices slipping Rs 350 to Rs 1,48,100 per 10 grams in the national capital on Thursday as a strong rupee and sluggish local demand weighed on the precious metal.
The yellow metal of 99.9 per cent purity had closed at Rs 1,48,450 per 10 grams in the previous session.
Silver also extended its losses, falling Rs 7,800 to Rs 2,32,000 per kilogram (inclusive of all taxes) from Wednesday’s closing level of Rs 2,39,800 per kg.
The precious metals declined despite gains in the overseas markets. Traders attributed the weakness to the appreciation in the rupee against the US dollar, which reduced the cost of imported bullion.
In the international market, spot gold gained USD 27.23, or nearly 1 per cent, to USD 4,104.75 per ounce, while silver rose more than 1 per cent to trade at USD 58.96 per ounce after traders bought bullion following Wednesday’s sharp selloff.
“Spot gold gained to trade around USD 4,106 per ounce in the overseas trade after the US military reportedly said that fresh attacks on Iran are over,” Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said.
He said market participants are now awaiting US existing home sales numbers for fresh insights on the Federal Reserve’s interest-rate path, while a steady dollar and Treasury bond yields suggest investors remain cautious.
“The US-Iran standoff is likely to be contained as a full-blown war will hurt both sides,” Singh said.
