Gold, silver prices plummet on global cues
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New Delhi: Gold price slumped Rs420 to Rs63,550 per 10 grams in the national capital on Thursday amid weak cues in the international markets, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs63,970 per 10 grams. Silver also plummeted Rs1,900 to Rs76,900 per kilogram, while it had closed at Rs78,800 per kg in the previous close. “Gold edged lower on Thursday, with spot gold prices (24 carats) in the Delhi markets trading at Rs63,550/10 grams, down by Rs420 following bearish trends in the overseas markets,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.
In the global markets, gold and silver were quoting lower at $2,042 per ounce and $23.05 per ounce, respectively. Gandhi said that Comex gold prices fell to a two-week low as uncertainty around the US Federal Reserve’s plan to reduce interest rates contributed to prevailing risk-off sentiment among traders. There is uncertainty on interest rate cut timeframe after the release of the minutes of the Federal Open Market Committee (FOMC) meeting held last month.
