Gold Falls Below ₹1.5 Lakh per 10g in Delhi After Two Months

Gold prices in Delhi slipped below the ₹1.5 lakh mark per 10 grams on Tuesday, marking the first time in two months that the precious metal has traded at this level. Local traders reported a decline of ₹1,400, pushing the price of 99.9% pure gold to ₹1,48,600 inclusive of all taxes. This drop followed a similar decrease the previous day and reflects subdued local demand alongside a stronger US dollar.

On Monday, gold was priced at ₹1.5 lakh per 10 grams. The last time prices hovered near this level was on July 31, when gold traded at ₹1,48,300 per 10 grams. This recent price movement signals a notable correction for gold in the Indian market after a period of steady highs.

In comparison, silver prices remained unchanged at ₹2.32 lakh per kilogram inclusive of taxes. Silver had witnessed a significant fall of ₹5,000 during the previous session, dropping from Friday's close of ₹2.37 lakh per kilogram. The stability on Tuesday suggests the metal is consolidating after recent volatility.

Pinky Yadav, a Commodity Fundamental Analyst at Choice Broking, commented on the trends, stating, "Gold experienced a sharp correction in September, dipping below ₹1.5 lakh per 10 grams due to significant global pressures." Global influences, especially currency fluctuations and shifts in international markets, have been key factors in the current pricing environment.

Looking at the international scene, spot gold demonstrated a modest rebound after a steep 4% decline in the prior session. The metal rose by USD 30.34, or around 1%, reaching USD 1,845.26 per ounce. Silver also recovered slightly, trading flat at USD 20.69 per ounce after a near 6% fall the day before.

Gaurav Garg, Head of Research at brokerage platform Lemonn, noted, "Gold is recovering marginally to around USD 1,840 an ounce, while silver is near USD 20.5, as it remains close to a seven-week low amid expectations of higher-for-longer US interest rates, which have kept bond yields elevated." These dynamics reflect ongoing concerns about monetary policy and its impact on precious metals.

Meanwhile, crude oil prices continued to fluctuate amid conflicting news reports. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, observed this volatility in the energy sector. Political developments also contributed to market uncertainty. US President Donald Trump dismissed reports of sanction relief for Iran related to nuclear issues as a "hoax." In response, Iranian Foreign Minister Abbas Araghchi indicated that an official US reply to Tehran's proposal concerning the reopening of the Strait of Hormuz was expected later on Tuesday.

The recent movements in gold and silver prices are part of broader trends affecting commodities worldwide. Factors such as geopolitical tensions, currency strength, interest rate policies, and energy market fluctuations all play significant roles in shaping the outlook for precious metals. Investors and traders continue to monitor these variables closely, as they influence not only pricing but also demand patterns in major markets like India.

India remains one of the largest consumers of gold globally, with demand driven by cultural, investment, and jewelry sectors. Price adjustments such as the current dip below ₹1.5 lakh may impact buying behavior, especially during key festival seasons when gold purchases typically rise. Market participants will watch closely to see if prices stabilize or continue to fluctuate in the coming weeks as external pressures evolve.