Gold and silver prices tumble

New Delhi: Gold prices slumped Rs200 to Rs72,450 per 10 grams in the national capital on Monday amid fall in precious metal rates in the global markets, according to HDFC Securities. The yellow metal had ended at Rs72,650 per 10 grams in the previous session. Silver prices also tumbled Rs800 to Rs92,900 per kg. In the previous session, it had closed at Rs93,700 per kg. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs72,450 per 10 grams, down by Rs200 against the previous close,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. In the overseas markets, spot gold at Comex was trading at $2,320 per ounce, down $6 from the previous close.

“Gold continues to consolidate in a range after the US Personal Consumption Expenditures (PCE) inflation data, last week failed to give any clear direction on the Fed’s policy path. In the week ahead, important data points are lined up from manufacturing/ services PMI from across regions to US Nonfarm Payroll/employment data on Friday, all of which may give some more clarity global economy,” Pranav Mer, Vice President, EBG of Commodity & Currency Research at JM Financial Services Ltd, said.