Gold rises and silver plunges

New Delhi: Gold prices rose Rs70 to Rs72,550 per 10 grams in the local market on Tuesday in line with firm global trends, according to HDFC Securities. The precious metal had closed at Rs72,480 per 10 grams on Monday. However, silver prices plunged by Rs400 to Rs91,500 per kg. In the previous session, it had settled at Rs91,900 per kg. “In Delhi markets, spot gold prices (24 carats) are trading at Rs72,550 per 10 grams, slightly up by Rs70 from the previous close,” Saumil Gandhi, Research Analyst at HDFC Securities, said.

In the global markets, spot gold at Comex was trading at $2,324 per ounce, up $6 from the previous close. Gold traded in a narrow range on Tuesday under gloomy market sentiment, Gandhi said. “...traders’ focus is turning to macroeconomic data due at the end of this week, including US GDP and the Federal Reserve’s preferred gauge of consumer inflation, which could offer clues on when the central bank will pivot to monetary policy easing,” he added.