A surge in crude oil prices has pressured gold, leading to a fall in global and domestic markets. 24-carat gold in Delhi is down by ₹490.
Global gold prices registered a decline on Monday, which also impacted the domestic spot market. Here too, gold was seen trading in the red.
However, due to Ganesh Chaturthi, there was no trading in the domestic futures market during the morning session. Rising crude oil prices have put pressure on gold.
According to data from Good Returns, a decline in gold prices was seen in the Delhi bullion market at 11 am on Monday.
Meanwhile, there was no change in the domestic spot price of silver, and it remained stable at ₹2,45,000 per kg.
Fluctuations in gold prices were also seen in other major cities of India. In Chennai, Mumbai, and Kolkata, the price of 24-carat gold was ₹1,54,090 per 10 grams.
The main reason for the fall in gold prices is the continuous rise in crude oil prices. Brent crude is trading above $107 and WTI crude is above $102.
Expensive crude has increased concerns about inflation. To control this, the US Fed may increase interest rates, which puts pressure on non-yielding assets like gold.
Gold prices have also fallen in the international market. On COMEX, the global price of gold was trading down by 0.89% or $39.10 at $4,369.80 per ounce.
Meanwhile, Gold Spot was down by 0.48% or $20.66 at $4,328.42 per ounce.
Like gold, a decline was also seen in global silver prices. On COMEX, the price of silver fell by 1.14% to $64.45 per ounce. Silver Spot was also down by 1.02% at $63.83 per ounce.
Gold rates were also different at major jewelry brands in India.
On Monday, Tanishq was selling 22-carat gold at ₹1,42,000 per 10 grams and 18-carat gold at ₹1,16,180 per 10 grams. The price of 24-carat gold was ₹1,54,910 per 10 grams.
At Malabar Gold & Diamonds, the rate for 22-carat gold was ₹1,41,250 per 10 grams, and the rate for 24-carat gold was ₹1,54,090 per 10 grams.
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