Gold price under pressure
image for illustrative purpose
Gold plunged by Rs 170 to Rs 60,000 per 10 grams in the national capital on Friday amid fall in precious metal prices in overseas markets, according to HDFC Securities. In the previous trade, the yellow metal had settled at Rs 60,170 per 10 grams. “Domestic markets gold price came under pressure, causing strength in the rupee,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said. However, silver jumped Rs 800 to Rs 75,300 per kilogram.
In the global markets, gold was down at $1,925 per ounce, while silver was trading higher at $23.70 per ounce. Comex gold fell on the back of strong US macro data that stoked expectations that the Federal Reserve will pursue a higher-for-longer stance on interest rates, Gandhi said.
