Gold declines Rs 200; silver surges Rs 800

New Delhi: Extending the losses for the second day in a row, gold price declined Rs200 to Rs72,950 per 10 grams in the national capital on Tuesday amid a fall in precious metal rates globally, according to HDFC Securities. In the previous session, the yellow metal had closed at Rs73,150 per 10 grams. However, silver surged Rs800 to reach Rs86,000 mark. It had ended at Rs85,200 per kg in the previous trade. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs72,950 per 10 grams, down by Rs200 against the previous close,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the overseas markets, spot gold at Comex was trading at $2,339 per ounce, down by $8 from the previous close. Gold price fell further on Tuesday as traders weighed a probable downturn in the US economy against continued inflationary pressures that might hamper the US Federal Reserve’s plans to reduce interest rates this year, Gandhi added. However, silver was quoted higher at $28.35 per ounce. It had settled at $28.10 per ounce in the previous session.