24-carat gold in Delhi falls below Rs 1.50 lakh for first time in two months, at Rs 1,48,600
Gold dropped Rs 1,400 to Rs 1,48,600 per 10 grams in Delhi's bullion market on Tuesday, while MCX futures ended higher.
Gold and silver markets are seeing sharp swings in the festival season. Gold prices fell steeply as trading began on Tuesday, but rose again towards the evening.
In Delhi's bullion market on Tuesday, the price of 24-carat gold fell below Rs 1.50 lakh per 10 grams for the first time in two months. Inclusive of all taxes, gold became cheaper by Rs 1,400 to Rs 1,48,600 per 10 grams.
On the Multi Commodity Exchange (MCX), 24-carat gold futures rose 0.68 per cent, or Rs 1,007, by evening to Rs 1,49,904 per 10 grams. The previous working day, the price had closed at Rs 1,48,897 per 10 grams. According to bullion market data, 24-carat gold is at Rs 1,48,010 per 10 grams, while in the international market gold rose to $4,199.90 per ounce. Goodreturns recorded the price of 24-carat gold at Rs 1,48,950 per 10 grams.
According to IBJA, the morning rates per 10 grams were: 24-carat gold Rs 1,47,667, 22-carat Rs 1,35,263, 18-carat Rs 1,10,750 and 14-carat Rs 86,385. Silver was at Rs 2,21,600 per kg.
Across cities, 24-carat gold is Rs 1,48,800 per 10 grams in Mumbai, Pune, Nashik, Nagpur, Kolhapur, Jalgaon, Sangli and Chhatrapati Sambhajinagar alike.
Gaurav Garg, research head at Lemon Brokers, said gold and silver prices fell on Monday under pressure from a strong dollar. According to him, tension between the United States and Iran has risen again and there is uncertainty over the Strait of Hormuz. This heightened supply concerns, and Brent crude climbed 4 per cent to $108.53 per barrel.
Akshat Siddhant, lead quant analyst at Mudrex, said gold fell below $4,200 per ounce in the international market after US President Donald Trump rejected an Iranian proposal. Iran had promised to reopen the Strait of Hormuz within a week and resume nuclear talks in exchange for the lifting of the naval blockade, which Trump rejected. Silver traded around $61.
Meanwhile, Iran has made clear that its delegation at the United Nations General Assembly (UNGA) has no plan to hold talks with the US. Trump, for his part, has expressed hope of further talks.
