Gold falls Rs 100 to Rs 1,24,600/10g; silver trades flat in Delhi markets

New Delhi, Nov 7 (PTI) Gold prices fell Rs 100 to Rs 1,24,600 per 10 grams in the national capital on Friday due to fresh selling by jewellers and stockists, according to the All India Sarafa Association.

The precious metal of 99.5 per cent purity slipped Rs 100 to Rs 1,24,000 per 10 grams (inclusive of all taxes) from Thursday's closing of Rs 1,24,100.

In the local bullion market, gold of 99.9 per cent purity had settled at Rs 1,24,700 per 10 grams in the previous market session.

However, silver prices remained flat at Rs 1,53,300 per kilogram, inclusive of all taxes, on Friday.

Globally, spot gold rose USD 19.84, or 0.5 per cent, to USD 3,996.93 per ounce while spot silver was trading 0.96 per cent higher at USD 48.48 an ounce.

"Gold prices gained on Friday as investors sought safe-haven assets amid growing concerns over a possible AI-driven bubble in equity markets and uncertainty surrounding the prolonged US government shutdown," according to commodity market experts.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.08 per cent to 99.65, lending support to gold prices.

"The US government shutdown has entered its 38th day, weighing on economic output and delaying the release of key macroeconomic data.

"Given the combination of market uncertainty, dollar weakness and the extended shutdown, there may be further scope for gold appreciation," an expert said.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "Market participants will closely track speeches from Federal Reserve members and Consumer Price Index (CPI) data from both the US and India in the coming week". PTI HG HG TRB TRB