New Delhi, April 24: Precious metal prices extended losses for the third straight session in the national capital on Friday, with gold declining Rs 200 and silver plunging Rs 3,000 amid a firm US dollar and elevated global uncertainty.
Gold and silver prices decline
According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity slipped Rs 200 to Rs 1,55,900 per 10 grams (inclusive of all taxes) from Thursday's closing level of Rs 1,56,100 per 10 grams.
Silver also dropped Rs 3,000 to Rs 2,47,000 per kilogram (inclusive of all taxes). The metal had settled at Rs 2,50,000 per kg in the previous market session.
Global factors weigh on prices
"Gold continued to face pressure, trading near a two-week low with a negative bias as ongoing geopolitical tensions in West Asia kept market sentiment cautious," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
The standoff in the Strait of Hormuz has kept energy prices elevated, reinforcing inflation concerns and limiting the upside in gold, he added.
"A firm dollar and steady US Treasury bond yields have added to further the downside pressure. The dollar index is on track for its first weekly gain after three consecutive declines, reducing the appeal of non-yielding assets like gold," Gandhi said.
International market trends
In the international markets, spot gold rose marginally to USD 4,708.17 per ounce, while silver gained nearly 1 per cent to USD 75.96 per ounce.
Price action continues to be driven by developments in West Asia, particularly tensions involving Iran, Israel, and the US presence in the Strait of Hormuz, which have kept uncertainty elevated, Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
With conflicting signals and no clear resolution, gold is likely to remain volatile and driven by news flow, he added.
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Inflation data and policy outlook
Kaynat Chainwala, AVP Commodity Research, Kotak Securities, said April's preliminary University of Michigan inflation expectations surged to 4.8 per cent, marking the sharpest monthly increase since April 2025.
The final reading due later in the day will be a crucial input ahead of the April 28-29 Federal Open Market Committee (FOMC) decision, which is expected to provide further direction on monetary policy path and near-term trajectory for bullion prices, she added.
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