Weak global cues take sheen off gold, silver
Gold futures fall as speculators reduce their positions
image for illustrative purpose
New Delhi: Gold in the national capital on Thursday declined Rs 259 to Rs 48,127 per 10 grams amid weak global trends. In the previous trade, the precious metal had closed at Rs 48,386 per 10 gram. Silver also dipped Rs 110 to Rs 70,274 per kg, from Rs 70,384 per kg in the previous trade.
HDFC Securities senior analyst (commodities) Tapan Patel said: "Spot gold prices for 24 karat in Delhi fell by Rs 259 reflecting decline in COMEX (New York-based commodity exchange) gold prices. In the international market, gold was trading lower at $1,880 per ounce and silver was flat at $27.65 per ounce. Gold prices traded lower with firm dollar."
Motilal Oswal Financial Services vice-president (commodities research) Navneet Damani said: "Gold prices edged lower after trading steady in the past few trading sessions, weighed down by a firmer dollar. Investors sat on the sidelines waiting for clearer signals on inflation levels and economic growth ahead of US data and the European Central Bank meeting later in the day.
