Gold prices in the national capital fell by Rs 400 to Rs 97,620 per 10 grams on Friday, giving buyers and investors a welcome opportunity to make fresh purchases as the precious metal dipped below the Rs1 lakh mark. Silver also extended its losing streak, tumbling Rs 2,500 to Rs 1,09,500 per kilogram, according to the All India Sarafa Association.
Gold of 99.9 per cent purity had closed at Rs 98,020 per 10 grams in the previous session, while 99.5 per cent purity gold slipped by Rs 300 to Rs 97,500 per 10 grams (inclusive of all taxes).
Global cues trigger price fall
The decline in domestic prices reflects weakness in global bullion markets and a strong US dollar. Spot gold traded near USD 3,290 per ounce, weighed down by the US Federal Reserve’s hawkish stance and its decision to keep interest rates unchanged in the 4.25-4.50 per cent range.
“Gold traded lower amid profit booking and weak global cues. The Federal Reserve’s firm position on interest rates has limited safe-haven demand, prompting a corrective phase in bullion,” said analysts.
Globally, spot gold ticked up 0.12 per cent to USD 3,294.31 per ounce, but analysts noted that the overall sentiment remains weak as the US dollar hit a nine-week high, rising over 2% this week.
Silver tumbles on industrial weakness, gold prices slip
Silver prices fell sharply for the second straight day, dropping Rs 2,500 to Rs 1,09,500 per kg. On the international market, spot silver slipped 0.75 per cent to USD 36.44 per ounce amid subdued industrial demand and ongoing uncertainty over global trade tariffs.
“Silver remains under pressure as industrial metals are weak and investors are cautious due to global tariff uncertainties,” said Manav Modi, Analyst, Precious Metals, MotilalOswal Financial Services.
Why this dip buying opportunity
For retail buyers and long-term investors, the price correction below ₹1 lakh presents a strategic buying window. Experts suggest that global factors could keep bullion prices range-bound, creating chances to accumulate gold in a staggered manner.
“Gold is set to close the week lower due to reduced haven demand and dollar strength. Any surprise in the US non-farm payroll data or tariff developments may trigger further volatility,” said Saumil Gandhi, Senior Analyst, Commodities, HDFC Securities.
Jewellers also anticipate renewed interest from consumers ahead of the upcoming festive season, with gold prices dipping from record highs seen earlier this year.
Investor takeaway as gold prices slip
With gold prices at Rs 97,620 per 10 grams and silver at Rs 1,09,500 per kg, market watchers see this as a favourable moment to enter or increase positions in precious metals. Gradual accumulation is advised, especially for those eyeing long-term wealth preservation or festive purchases.
As global economic uncertainties and currency movements continue to influence bullion, this price dip offers Indian buyers a chance to turn volatility into value making now a good time to buy gold.
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