Gold loses sheen, silver shines on
image for illustrative purpose
New Delhi: Gold prices fell by Rs100 to Rs73,310 per 10 grams in the national capital on Tuesday amid weak global cues, according to HDFC Securities. The precious metal had settled at Rs73,410 per 10 grams on Monday. However, silver prices jumped by Rs180 to Rs94,450 per kg from Rs94,270 per kg in the previous session. “Gold prices traded lower ahead of the Fed member speech and US inflation data.
The silver prices at domestic as well as global front traded higher tracking strong base metal and risk-on moods,” Dilip Parmar, Research Analyst at HDFC Securities, said. Silver prices are expected to outperform the yellow metal in the near future, Parmar added.
On the overseas front, spot gold at Comex traded at $2,362 per ounce, down $11 per ounce against the previous close. “With new government and political development in Iran, the US mentioned about some progress regarding the ceasefire talks on Monday weighing on the metal.
“Any update from Israel or elsewhere will be crucial for further volatility in prices,” Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd (MOFSL), said. Traders will also keep an eye on more cues on US interest rates from testimony by Federal Reserve Chair Jerome Powell and key inflation data due through the week, Modi added.
