Gold slips Rs 200 per 10 gm in Delhi amid subdued retail demand, elevated US dollar

NEW DELHI: Gold prices slipped by Rs 200 to Rs 1,49,600 per 10 grams in the national capital on Tuesday, as subdued retail demand and an elevated US dollar weighed on the precious metal.

The 99.9 per cent pure yellow metal closed at Rs 1,49,800 per 10 grams on Monday. Silver, however, remained steady for the second straight session at Rs 2.27 lakh per kilogram, inclusive of all taxes, according to local traders.

"Gold prices edged lower in the domestic market amid weak global cues and subdued retail demand during the Pitru Paksha period," said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.

During Pitru Paksha, consumers traditionally avoid purchasing auspicious items such as gold, jewellery, property or other luxury items, he added.

In global markets, spot gold traded marginally higher at USD 4,149.44, while silver was flat at USD 61.01 an ounce.

"Spot gold was trading with a gain at USD 4,151 per ounce in the overseas trade as the US dollar and crude oil prices have eased," said Praveen Singh, Head of Commodities at Mirae Asset Sharekhan.

Singh added that the shiny metal will continue to take clues from oil and the dollar.

"In the near term, it is expected to be range-bound with a slight bearish tilt as risk appetite remains healthy," he said.