Bullion prices decline as weak Dhanteras demand weighs

New Delhi: Gold prices in the national capital declined by Rs 2,500 to Rs 1.46 lakh per 10 grams on Friday amid weak spot demand on Dhanteras, with elevated rates keeping buyers cautious.

The 99.9 per cent pure yellow metal fell Rs 2,500 to Rs 1,46,300 per 10 grams from Thursday’s close of Rs 1,48,800 per 10 grams, according to the All India Sarafa Association.Silver prices also dropped Rs 2,000 to Rs 1,92,500 per kilogram, inclusive of all taxes, from Rs 1,94,500 per kg in the preceding session.

Traders said demand remains subdued in the national capital despite Dhanteras, which is considered the most auspicious day in the Hindu calendar for making new purchases.Dhanteras is associated with Goddess Lakshmi, Lord Kuber and Dhanvantari. Several jewellers reported little or no improvement in sales compared to last year.

Elevated precious metal prices and uncertainty over their movement have made consumers cautious, prompting many buyers to opt for lighter jewellery, they added.