Gold Prices Drop in Delhi Amid Weak Local Demand
Gold prices in the national capital slipped by Rs 350 per 10 grams on Thursday, July 9, 2026, as local demand remained subdued, according to market traders. The precious metal traded at Rs 71,150 per 10 grams, down from the previous close of Rs 71,500.
Rupee Strength Weighs on Bullion
Traders attributed the decline to the appreciation of the Indian rupee against the US dollar, which reduced the cost of imported bullion. A stronger rupee makes dollar-denominated gold cheaper for domestic buyers, exerting downward pressure on local prices.
Overseas Markets Show Gains
The drop in domestic prices came despite gains in international markets. Globally, gold prices edged higher on expectations of a slower pace of interest rate hikes by major central banks. However, the positive overseas cues failed to lift sentiment in the Delhi market.
Silver Also Falls
Following the trend, silver prices also declined by Rs 200 per kilogram to Rs 85,000 per kg, down from Rs 85,200 in the previous session. Traders noted that industrial demand for silver remained weak, adding to the bearish sentiment.
Market Outlook
Market participants are closely watching the movement of the rupee and global economic data for further direction. According to a trader from the Bullion Association, “The near-term trend for gold will depend on the dollar index and any fresh triggers from global central bank policies.”
