Now Reading: Gold prices snap 7-day rally, fall Rs 2,800 to Rs 1.57 lakh
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Gold prices snap 7-day rally, fall Rs 2,800 to Rs 1.57 lakh
Gold prices fell Rs 2,800 to Rs 1,57,000 per 10 grams in Delhi on Thursday, snapping a seven-session winning streak. The All India Sarafa Association reported the decline as traders booked profits…
The Story in Brief
Gold prices fell Rs 2,800 to Rs 1,57,000 per 10 grams in Delhi on Thursday, snapping a seven-session winning streak. The All India Sarafa Association reported the decline as traders booked profits after a recent surge. Silver also dropped Rs 6,000 to Rs 2,40,000 per kg.
The retreat followed US July CPI data that matched forecasts, leaving little new fuel for rally. Spot gold traded 0.43% lower at $4,389.67 per ounce overseas. Analysts said attention now shifts to the US PPI data for cues on the Federal Reserve's next move.
The Indian Opinion
After a seven-day spike, this profit-taking was predictable. The narrative of 'gold always rising' gets punctured by small corrections like these. Yet some corners will frame this as a panic sell-off. Wait for the US PPI number: a lower reading could push prices back up; a higher one may deepen the fall. That single number will settle which story is true.
Sources (3): timesnownews.com, freepressjournal.in, siasat.com
This story was synthesised by AI from the 3 sources linked above.
Updated: this story now draws on 3 sources.
