Gold declines Rs. 92, silver slips Rs. 414

New Delhi: Gold dipped Rs 92 to Rs 48,424 per 10 grams in the national capital on Wednesday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 48,516 per 10 grams. Silver also went lower by Rs 414 to Rs 70,181 per kg, from Rs 70,595 per kg in the previous trade. In the international market, gold was trading marginally higher at $1,893 per ounce and silver was flat at $27.65 per ounce.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Gold prices are trading in a narrow range with dollar fluctuations as traders and investors are awaiting for fresh triggers from US inflation data." Motilal Oswal Financial Services Vice-President (Commodities Research) Navneet Damani said, "Gold price continues to trade in a range, as investors are holding back from making large bets ahead of the US inflation data and the ECB (European Central Bank) policy meeting later this week." Gold prices fell Rs 77 to Rs 49,050 per 10 gram in the futures trade on Wednesday, as speculators reduced their positions amid low demand.

On the Multi Commodity Exchange, gold contracts for the August delivery traded lower by Rs 77, or 0.16 per cent, to Rs 49,050 per 10 gram in a business turnover of 11,704 lots. Analysts attributed the fall in gold prices to trimming of positions by participants. Globally, however, gold traded 0.15 per cent lower at $1,891.60 an ounce in New York.