Gold Rate Today: Yellow Metal Price Falls By Rs 2,000 On Geopolitical Concerns, Check Rates In Delhi

Gold prices fell by Rs 2,000 per 10 grams to Rs 1.47 lakh per 10 grams in the national capital on Friday as traders profited amid rising crude oil prices and rising tensions in the Middle East. The precious metal of 99.9 per cent purity fell by Rs 2,000 for the second consecutive day to Rs 1,47,200 per 10 grams (including all taxes). Local traders said that on Thursday, gold was trading at Rs 1,49,200 per 10 grams.

Silver also fell by Rs 5,000 to Rs 2,24,700 per kg (including all taxes) due to heavy selling. The white metal was priced at Rs 2,29,700 per kg in the previous session. Traders said bullion prices remained under pressure in the domestic market amid weak buying sentiment.

However, in the international market, spot gold rose slightly to US$4,063.70 per ounce and silver rose nearly 2 per cent to US$58.59 per ounce.

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"Spot gold traded higher marginally around USD 4,060 per ounce in the overseas markets as Brent oil has retreated nearly 4 per cent following a spike of 12 per cent in five days," said Praveen Singh, Head of Commodities at Mirae Asset ShareKhan.

He said that despite President Donald Trump's major attack on Tehran, the US continued its attacks on Iran for the 14th consecutive night.

The Trump administration has also imposed tariffs on 60 countries, including India.

Koynat Chenwala, AVP Commodity Research at Kotok Securities, said, "Silver rose more than 1% to around US$58 per ounce, mostly tracking the decline in crude oil prices rather than interest rate expectations."

He said that if crude oil remains stable and U.S. Treasury yields fall, gold could reach US$4,100 per ounce and silver could reach $60 per ounce.

With Inputs From PTI