New Delhi, Aug 14 (PTI) Gold prices fell for the second straight session on Friday, declining Rs 800 to Rs 1,56,200 per 10 grams in the national capital as profit-booking and weak global cues weighed on bullion.
The yellow metal of 99.9 per cent purity had closed at Rs 1,57,000 per 10 grams on Thursday.
Silver, however, remained unchanged at Rs 2,40,000 per kilogram (inclusive of all taxes), according to local traders.
“Gold pulled back on Friday amid weaker global cues, with spot yellow metal edging lower despite softer-than-expected US producer-price data,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
The decline was largely driven by profit-taking after the recent rally, while investors remained cautious about adding fresh positions at elevated levels, he added.
In the international markets, spot gold was trading marginally lower to USD 4,351.01 per ounce while silver went rose 0.33 per cent to USD 64.68 per ounce.
“Gold extended its decline to test support around USD 4,300 on profit booking and tentative selling as oil prices recover,” said Praveen Singh, Head of Commodities at Mirae Asset ShareKhan.
He noted that crude oil has bounced back on Friday as the US prepares more economic measures against Iran to get the Strait of Hormuz open.
Gandhi said gold’s upside also remained constrained by geopolitical uncertainty, with diplomatic efforts to reopen the Strait of Hormuz remaining deadlocked.
“Any disruption to regional oil supplies could revive inflation concerns and complicate the Federal Reserve’s policy outlook, potentially limiting gains in assets such as gold despite the recent improvement in US inflation data,” he added. PTI HG HG TRB TRB
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