There is big news for gold buyers ahead of the festive season. Gold and silver prices have seen a big drop in the country’s capital, Delhi. Gold price Rs. 1.50 lakh level, if this trend continues, it is likely to fall further on Tuesday. On the other hand, the price of silver has seen a decrease of Rs.5000. Earlier on Friday, the price of gold increased by Rs 200 after four consecutive days of decline. There was no change in silver prices. Let us also tell you what changes have been seen in the prices of gold and silver in Delhi, the capital of the country.

Gold and silver have become cheaper in Delhi

On Monday, the gold price in the capital Delhi was Rs. 2,600 reduced to Rs. 1.5 lakhs per 10 grams. The decline is due to a heavy sell-off in the global market, rising crude oil prices and a strong US dollar. Gold of 99.9 per cent purity had closed at Rs 1,52,600 per 10 grams in the previous session. According to local traders, the price of silver is also Rs. 5,000 reduced to Rs. 2.32 lakh per kg (inclusive of all taxes), while on Friday it was Rs. 2.37 lakh per kg was closed.

Dollar and crude oil rose

Gaurav Garg, head of research at brokerage platform Lemon, said gold and silver prices fell on Monday as a stronger US dollar put pressure on these precious metals. Garg said Brent crude rose 4% to $108.53 a barrel, as renewed tensions between the US and Iran and uncertainty over the Strait of Hormuz raised supply concerns. In overseas markets, spot gold fell $128.93, or 3.01%, to $4,156.44 an ounce. Silver fell $2.96, or 4.6%, to $61.34 an ounce.

Iran made this proposal

Akshat Siddhant, lead quant analyst at investment platform Mudrex, said gold was trading below $4,200 an ounce and silver around $61 after US President Donald Trump rejected Tehran’s proposal. Tehran has proposed reopening the Strait of Hormuz within a week and resuming nuclear talks in exchange for a nuclear bloc lift. Meanwhile, Iran said its delegation to the UN General Assembly had no plans to hold talks with the US, while Trump claimed he hoped for further talks.