NEW DELHI, Nov 21: Gold prices in Delhi declined by Rs 600 to Rs 1,26,100 per 10 grams on Friday, following weak global cues, according to the All India Sarafa Association.
The 99.5% purity metal fell to Rs 1,25,500 per 10 grams (inclusive of all taxes). Silver also tumbled by Rs 2,000 to Rs 1,56,000 per kilogram.
Globally, spot gold traded 0.38% lower at USD 4,061.91 per ounce, while silver futures dropped 2.13% to USD 49.56 per ounce.
Analysts attributed the decline to stronger-than-expected US jobs data, which bolstered predictions that the Federal Reserve may not cut interest rates in December, putting pressure on global precious metals.
The US Labour Department reported a gain of 119,000 nonfarm payrolls in September, more than twice the projected 50,000.
In domestic futures, gold pared losses in the second half of the day due to a sharp rupee depreciation, with the most-traded December contract rising 0.95% to Rs 1,23,895 per 10 grams, and the February contract up 0.86% to Rs 1,25,405.
Analysts expect gold to remain volatile, likely trading in a range of Rs 1,20,000-1,24,000 per 10 grams, as currency swings and global interest rate expectations continue to influence prices. (PTI)
