Gold falls Rs 100; silver slumps Rs 250
image for illustrative purpose
New Delhi: Gold price fell by Rs100 to Rs66,850 per 10 grams in the domestic market on Tuesday amid weak trends in the international markets, according to HDFC Securities. The precious metal had settled at Rs66,950 per 10 grams in the previous session. In addition, silver also slumped by Rs250 to Rs77,500 per kg. In the previous trade, it had closed at Rs77,750 per kg. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs 66,850 per 10 grams, down by Rs 100 from the previous close,” Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.
In the overseas markets, spot gold at Comex was trading at $2,173 per ounce, down by $4 from the previous close. “Gold is seen stuck in a range as we look ahead to more economic data and the central bank action on the interest rates, some caution is seen in the market ahead of the US GDP data on Thursday and personal consumption expenditures (PCE) and core-PCE on Friday. “However, rising consensus for a rate cut in June by the Bank of England, European Central Bank and the US Fed in June meeting is seen supportive to the bullion prices,” Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services, said. Silver was also marginally down at $24.63 per ounce. In the previous close, it had ended at $24.65 per ounce.
