Gold and silver prices tumble

New Delhi: Gold prices slipped Rs50 to Rs72,150 per 10 grams in the local market on Thursday in line with weak trends globally, according to HDFC Securities. The precious metal had closed Rs72,200 per 10 grams on Wednesday. Silver also tumbled Rs550 to Rs90,950 per kg. It had settled at Rs91,500 per kg in the previous session. “In Delhi markets, spot gold prices (24 carats) are trading at Rs72,150 per 10 grams, down by Rs50 from the previous close,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the global markets, spot gold at Comex was trading at $2,313 per ounce, down $2 from the previous close. The yellow metal gave up its gains and is trading lower after the US Federal Reserve said that inflation has fallen further toward its target level in recent months. The US Fed officials also signalled to cut their interest rate just once this year, Gandhi said.

Silver was marginally down at $29.30 per ounce against $29.35 per ounce in the previous session. “Gold and silver prices rallied post the US inflation data but failed to sustain above after hawkish comments from Fed Chair Jerome Powell in the Fed meet on Wednesday. “...trade Rswill focus on the upcoming macroeconomic data, including US Producer Price Index (PPI) and jobless claims data,” to be released on Thursday, Navneet Damani, Senior Group VP - Head Research Commodities & Currency at Motilal Oswal Financial Services, said.