Gold falls, silver remains flat

New Delhi: Gold prices fell from an all-time high level and traded lower by Rs250 at Rs73,700 per 10 grams in the national capital on Thursday amid a decline in the yellow metal’s rates in the global markets, according to HDFC Securities. The precious metal had settled at Rs73,950 per 10 grams in the previous session. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs73,700 per 10 grams, down by Rs250 against the previous day close,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. However, silver prices remained flat at Rs86,500 per kg. Commodity markets were closed on Wednesday on account of Ram Navami. In the international markets, spot gold at Comex was trading at $2,375 per ounce, down by $13 from the previous close. Gold prices fell on Thursday on an indication that the US Federal Reserve will take longer than expected to lower interest rates after a hawkish comment from the US Federal Reserve Chair Jerome Powell, Gandhi said. However, silver was marginally up at $28.25 per ounce. In the previous session, it had closed at $28.20 per ounce. “Ongoing geopolitical tensions in the Middle East are expected to keep gold volatile. In the event of an escalation in the situation, the dollar may find support, dampening gold prices.