Bullion prices fall on weak global cues
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New Delhi: Gold price tumbled by Rs650 to Rs57,550 per 10 grams in the national capital on Tuesday amid weak global cues, according to HDFC Securities. In the previous trade, the precious metal had ended at Rs58,200 per 10 grams. Silver also nosedived Rs1,800 to Rs71,500 per kilogramme. Gold and silver prices slipped on Comex in the previous session as the domestic market was shut on Monday,” said Navneet Damani, senior vice-president (commodity research) at Motilal Oswal Financial Services.
In the overseas markets, both gold and silver were trading lower at $1,825 per ounce and $21.10 per ounce, respectively. “The Treasury bond yields have reached a new multi-decade high on the back of the US Federal Reserve’s narrative in the past few week, that the interest rates would remain higher for longer,” said Saumil Gandhi, senior analyst of commodities at HDFC Securities.
