Gold falls ₹2,800 in New Delhi after 7 straight gains
Business
Gold prices dropped on Friday as investors decided to cash in after rising for seven consecutive sessions.
In New Delhi, rates fell by ₹2,800 to ₹1.57 lakh per 10gm.
This comes after gold had surged 10% to 11% over the past month thanks to weaker US jobs data, a softer US dollar, and strong buying from China.
India gold imports rose 4.77% July
According to Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, gold's future price will depend on fresh triggers from the US dollar, crude oil prices and Federal Reserve rate expectations.
India's gold imports rose 4.77% year-on-year to $4.16 billion in July, but local prices are shaped by the rupee-US dollar exchange rate, demand shifts, and import duty changes.