Gold falls for second straight session in Nagpur, down Rs 2,200 to Rs 1,41,700 per 10 grams

Gold prices in Nagpur's bullion market fell for a second consecutive trading session amid the Diwali holidays. On Wednesday, gold dropped Rs 2,200 to Rs 1,41,700 per 10 grams, meaning the rate in the city has stayed lower for two sessions in a row.

In the previous trading session, gold was at Rs 1,43,900 per 10 grams. Wednesday's fall of Rs 2,200 was recorded from that rate. Silver fared differently. Its price did not change and it held steady at Rs 1.90 lakh per kg.

According to bullion traders, business in the domestic market was sluggish because of the Diwali holidays. Many local markets were closed, and gold prices declined in the meantime. With the rate down for a second straight session, buyers and investors are now watching which way the market will move.

Globally, inflation persists, and there are also signs of a hawkish monetary stance from the US Federal Reserve. Both factors have kept the precious metals market uncertain. If the stance on interest rates remains tight, the US dollar and bond yields could stay high, which may limit the scope for a rally in gold prices.

Although gold fell in the domestic market, the picture in the international market was different. Spot gold was trading slightly higher at $4,047.71 per ounce. Silver moved up faster, gaining about 3 per cent to reach $52.86 per ounce.

Geopolitical developments were also among the major factors influencing the precious metals market. Depending on domestic demand, the movement of the dollar and global economic signals, gold and silver prices could continue to fluctuate in the coming trading sessions. For now, the Nagpur market is watching these factors closely.