Gold nosedives Rs 1,050 from record high
image for illustrative purpose
New Delhi: Gold nosedived Rs1,050 to Rs63,250 per 10 grams in the national capital on Tuesday, retreating from its all-time high due to weak trends in the global markets, according to HDFC Securities.
The precious metal settled at Rs64,300 per 10 grams in the previous trade. Silver also tumbled Rs1,700 to Rs78,500 per kilogram. “Gold prices plunged on Tuesday in the Delhi markets trading at Rs63,250/10 grams, down by Rs1,050, following a bearish trend in the overseas markets,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.
In the futures trade, February contract of gold climbed Rs46 to Rs62,415 per 10 grams on the MCX. However, silver’s March contract declined Rs389 to Rs75,779 per kilogram on the bourse. In the international markets, gold and silver were quoting lower at $2,037 per ounce and $24.50 per ounce, respectively. Gold retreated from its record high as the dollar and US Treasury yields advanced amid signs that traders’ believe aggressive monetary policy of Federal Reserve rate cuts may have gone too far, Gandhi said.
