Delhi gold drops Rs 350 to Rs 1,48,100 per 10 grams on July 9 as rupee strengthens and demand stays weak
AI Market Summary
Delhi gold prices fell for a fourth session as INR appreciation lowered import costs and weak physical demand capped local buying, even as global spot gold rose nearly 1% after de-risking and easing Iran-related escalation fears. The currency hedge effect is limiting pass-through from international bullion strength to domestic pricing, reinforcing near-term pressure on local precious-metals demand and spreads.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+0.26%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Gold prices in Delhi fell for a fourth straight session on July 9, with 99.9% purity gold down Rs 350 at Rs 148,100 per 10 grams. Silver also weakened, sliding Rs 7,800 to Rs 232,000 per kilogram. The decline was driven by a stronger rupee against the U.S. dollar that lowered import costs, along with subdued local physical demand. Overseas gains—gold up 1% to USD 4104.75 an ounce and silver up more than 1%—had a muted impact on domestic prices due to the currency effect.
