Gold Falls Rs 500 as Rising Oil Prices and Strong US Dollar Pressure Bullion
Precious metal retreats to Rs 1,55,400 per 10 gram in Delhi, while silver remains unchanged at Rs 2,34,600 per kilogram.
New Delhi, Sept. 15: Gold prices declined by Rs 500 to Rs 1,55,400 per 10 gram in the national capital on Monday as higher crude oil prices and a stronger US dollar triggered a sell off in global markets.
The yellow metal of 99.9 per cent purity had settled at Rs 1,55,900 per 10 gram on Friday. The decline came amid increased pressure on precious metals in international markets as investors responded to movements in energy prices and currency markets.
Silver, however, remained unchanged at Rs 2,34,600 per kilogram, inclusive of all taxes, according to local traders.
In overseas markets, spot gold fell $57.22, or 1.3 per cent, to $4,291.71 per ounce. Silver also witnessed selling pressure, declining nearly 3 per cent to $62.82 per ounce.
The rise in crude oil prices and gains in the US dollar weighed on demand for bullion, making dollar-denominated precious metals less attractive to buyers holding other currencies.
