Gold falls to ₹1,32,600/10g amid subdued demand in Delhi markets

Gold prices fell by ₹300 to ₹1,32,600 per 10 grams in the national capital on Monday due to subdued demand in the local markets, according to the All India Sarafa Association.

The precious metal of 99.9% purity had closed at ₹1,32,900 per 10 grams on Friday.

However, silver prices jumped by ₹1,500 to ₹1,85,000 per kilogram (inclusive of all taxes), marking their second consecutive day of gains. It had settled at ₹1,83,500 per kg in the previous market session.

Globally, spot gold rose by 0.18% to $4,205.26 per ounce.

"Spot gold witnessed heightened volatility and was trading with a gain of around 0.20% at $4,210 per ounce ahead of the upcoming US Fed Reserve's Federal Open Market Committee (FOMC) monetary policy meeting due on December 10," Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said.

Inderbir Singh Jolly, CEO of PL Wealth Management, said, "Gold continues to reinforce its position as an important asset class amid global market uncertainty."

He added that with central banks maintaining a steady pace of gold accumulation and investors seeking inflation resilience, the metal remains a key diversifier in both institutional and retail portfolios.

"We're seeing consistent traction across digital gold investments, reflecting growing recognition of gold's role as a strategic long-term asset," Jolly said.

Meanwhile, spot silver was trading marginally higher at $58.41 per ounce. On Friday, the white metal had soared by $2.2 or 3.84% to touch an all-time high of $59.33 per ounce before settling at $58.39 per ounce.

Jolly of PL Wealth Management said bullion prices traded in a steady range, supported by softer dollar movements and sustained exchange traded fund (ETF) inflows.

"Domestic demand remained firm as investors rebalanced portfolios toward safe-haven assets. On the retail front, digital gold transactions rose by over 12%.

"Looking ahead, we expect gold to remain supported in the near term, with potential upside driven by ongoing geopolitical risks and expectations of gradual rate cuts in early 2026," he added.