Gold and silver prices declined for a third consecutive session in Delhi, with gold falling ₹1,900 to ₹1,46,100 per 10 grams and silver dropping ₹5,500 to ₹2.02 lakh per kg amid a stronger US dollar, firmer bond yields and high crude oil prices.
New Delhi, October 23 — Gold and silver prices extended their losing streak to a third straight session on Friday, as rising crude oil prices and a stronger US dollar weighed on investor sentiment.
According to the All India Sarafa Association, gold of 99.9% purity fell ₹1,900 to ₹1,46,100 per 10 grams, inclusive of all taxes, from ₹1,48,000 per 10 grams in the previous session.
Silver prices also declined sharply, falling ₹5,500 to ₹2,02,000 per kg from ₹2,07,500 per kg a day earlier.
The white metal has now lost ₹30,000, or around 13%, since September 30, reflecting broader pressure across commodity markets.
HDFC Securities Senior Analyst of Commodities Saumil Gandhi said domestic gold prices had fallen to their lowest level since early July, tracking weak global cues.
Choice Broking Commodity Fundamental Analyst Pinky Yadav said silver has declined around 14% over the past month amid a broader equity-market selloff.
She said some investors were selling precious metals to cover losses in technology stocks, adding to pressure on bullion prices.
The stronger US dollar and rising Treasury yields have also reduced the appeal of non-yielding assets such as gold and silver.
At the same time, persistent inflation concerns linked to geopolitical tensions in West Asia have pushed crude oil prices higher.
Brent crude has moved towards $115 per barrel, increasing expectations that interest rates could remain elevated for longer.
Higher-for-longer interest rates generally weigh on gold because investors can earn better returns from interest-bearing assets such as bonds.
In international markets, spot gold slipped below $4,000 per ounce before recovering to trade nearly flat at $4,024.37 per ounce.
Spot silver fell 1.41% to $53.83 per ounce.
Mirae Asset Sharekhan Head of Commodities Praveen Singh said spot gold touched a fresh cycle low of $3,986 per ounce in overseas trade.
The dollar index and US Treasury yields were also slightly firmer, while elevated Brent crude prices continued to influence inflation expectations and investor positioning.
The near-term direction of precious metals is likely to remain sensitive to movements in the dollar, bond yields, crude oil prices and geopolitical developments.
