NEW DELHI: Gold prices in the national capital witnessed a dip on Tuesday, influenced by a complex interplay of global forces, including softening demand from local jewellers and a mixed performance in the international market.
After revisiting record highs on Monday, the price of gold retreated by Rs50 to Rs78,650 per 10 grams, as stockists and retailers cashed in on earlier gains.
Meanwhile, concerns over geopolitical unrest in the Middle East and market anticipation surrounding US Federal Reserve decisions have continued to shape the global pricing environment.
A slight uptick in global gold prices to $2,669.90 per ounce underscores this, as the market remains sensitive to movements in the US dollar and yields, which saw a sharp rise earlier this week.
Silver faces correction
Silver also faced a sharp correction, with prices plunging Rs1,000 to Rs92,500 per kg, while futures prices on the MCX reflected similar volatility in both gold and silver contracts.
This recalibration in the domestic market appears to be a result of both external pressures and tempered local demand, with traders now keeping a close watch on upcoming US retail sales and China GDP data, which could further sway bullion prices globally.
