Gold rises and silver plunges

New Delhi: Gold prices rose by Rs150 to Rs71,950 per 10 grams in the national capital on Tuesday in line with firm trends in the international markets, according to HDFC Securities. The precious metal had ended at Rs71,800 per 10 grams on Monday. However, silver prices plunged Rs1,400 to Rs90,700 per kg. In the previous session, it had closed at Rs92,100 per kg.

“In the Delhi markets, spot gold prices (24 carats) are trading at Rs71,950 per 10 grams, up by Rs150 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 $2,303 per ounce, up $10 from the previous close. Gold rose on Tuesday as traders covered their shorts ahead of the US Federal Reserve’s meeting outcome and US inflation data, which may provide fresh clues about the timing of the interest rate cuts, Gandhi said.