Gold Tumbles by Rs 700 in Delhi Bullion Market as Global Silver Hits Three-Month Low Weak local demand and muted overseas cues dragged 99.9% pure gold to Rs 1,48,900 per 10 grams in Delhi, while international silver slipped to near three-month lows. Subdued demand from local jewellers alongside softer overseas trends triggered a second consecutive day of losses for gold prices in the Delhi bullion market on Wednesday. Following an unchanged trading session on Monday, the yellow metal has remained under consistent downward pressure through Tuesday and Wednesday. Delhi Spot Rates Touch One-Week Low In the national capital, gold of 99.9 percent purity slumped by Rs 700 on Wednesday to settle at Rs 1,48,900 per 10 grams, inclusive of all local taxes. This followed a modest dip of Rs 200 on Tuesday, when the precious metal ended at Rs 1,49,600 per 10 grams. The current decline brings prices to their weakest mark in a week, drawing close to the Rs 1,48,600 per 10 grams recorded on September 29. Higher Crude Prices and Geopolitical Unease Weigh on Bullion Market observers pointed to an absence of aggressive retail buying coupled with broader global weakness as primary headwinds for bullion assets. Saumil Gandhi, Senior Analyst (Commodities) at HDFC Securities, noted that domestic gold prices dropped on the back of softened international cues and sluggish retail demand. He added that an upsurge in crude oil prices, fueled by fresh concerns over potential supply disruptions stemming from unrest in West Asia, compounded the downward trajectory in gold prices. Depreciating Rupee Curbs Deeper Losses as Silver Holds Flat A weakening domestic currency helped cushion the bullion market against steeper declines. On Wednesday, the Indian rupee retreated 43 paise against the US dollar to settle provisionally at 96.78. Supported by this currency depreciation, domestic silver managed to preserve its ground, holding unchanged at Rs 2.27 lakh per kilogram for the third consecutive session in Delhi. Overseas Silver Retracts to Three-Month Trough Across global trading desks, precious metals encountered visible selling. Spot gold shed 47.42 dollars, or 1.14 percent, falling to 4,116.55 dollars per ounce. International spot silver suffered a sharper contraction of 2.26 percent, touching a near three-month low of 59.97 dollars per ounce, a level not seen since July 9 when it touched roughly 59.96 dollars per ounce. Commodity market observer Akshat Siddhant noted that international gold remains pinned near 4,120 dollars per ounce while silver hovers around 60 dollars, as traders remain cautious ahead of minutes from the US Federal Reserve's meeting. What this means for you The decline in domestic gold rates offers minor cost relief to festive retail shoppers and precious metal buyers navigating high price bands. • Across India: Domestic consumers can save Rs 700 per 10 grams on fresh purchases of pure gold. Continued weakness in global benchmarks could keep retail jewellery premiums under check in the near term. • In Delhi: Local spot rates for 99.9 percent purity gold have dropped to Rs 1,48,900 per 10 grams. Capital city shoppers can capitalise on this one-week low to time advance bridal or investment orders. • Silver Buyers: Delhi silver prices remain unchanged at Rs 2.27 lakh per kilogram. Those waiting for significant domestic retail discounts on silverware or bars will not see immediate markdowns. • Currency Impact: The Indian rupee depreciated by 43 paise to 96.78 against the US dollar. A weaker domestic unit continues to limit the extent of downward price adjustments passed on from global sell-offs. Why this happened A combination of subdued physical retail demand and sharp selling in overseas commodity benchmarks led to the retreat in gold rates. • Sluggish Domestic Offtake: Local jewelers and retail consumers displayed muted buying interest in physical markets. This lack of active spot demand compelled bullion dealers to mark down their asking rates. • Surging Crude Oil Costs: Escalating tensions across West Asia stoked supply interruption worries, driving crude benchmarks higher. Spiking oil prices altered broader market dynamics and weighed on gold. • Global Commodity Sell-off: International spot gold dropped 1.14 percent to 4,116.55 dollars per ounce, while silver breached a three-month trough at 59.97 dollars. International traders pared exposures ahead of minutes from the latest US Federal Reserve policy gathering. Questions & Answers 1. What was the price of gold in Delhi on Wednesday? Gold of 99.9 percent purity declined by Rs 700 to settle at Rs 1,48,900 per 10 grams, all taxes included. 2. How did silver perform in the Delhi market? Silver remained flat for the third consecutive trading session at Rs 2.27 lakh per kilogram. 3. What were the prevailing precious metal rates internationally? International spot gold slid to 4,116.55 dollars per ounce, while silver retreated to 59.97 dollars per ounce. 4. What factors contributed to the decline in gold prices? Weak global market cues, sluggish local retail demand, and rising crude oil prices amid West Asia tensions pressured prices downward. 5. Where did the Indian rupee settle against the US dollar? The Indian rupee fell 43 paise to close provisionally at 96.78 against the greenback. https://trendkia.com/en/business/delhi-sarrapha-men-sona-700-tuta-antararashtriya-stara-para-chandi-tina-mahine-ke-nichale-stara-para-44734 TrendKia — Har trend, sabse pehle.