Gold, silver prices tumble on weak global cues
image for illustrative purpose
New Delhi: Gold price tumbled Rs875 to Rs66,575 per 10 grams in the national capital on Friday amid weak trends in global markets, according to HDFC Securities. The precious metal had settled at Rs67,450 per 10 grams in the previous trade. In addition, silver also plunged Rs760 to Rs76,990 per kg against the previous close of Rs77,750 per kg.
“Spot gold prices (24 carats) in the Delhi markets are trading at Rs66,575 per 10 grams, down by Rs875 from the previous day,” said Dilip Parmar, Research Analyst at HDFC Securities. In the overseas markets, spot gold at Comex was trading at $2,167 per ounce, down $35 from the previous day’s level.
“Gold prices are down nearly 2 per cent from their all-time hit yesterday weighed by profit-booking/ long liquidation, and a sharp rebound in the dollar index, following events like rate cuts by the Swiss National Bank, better than expected PMI and housing data from the US,” added Pranav Mer, VP, Research (Commodity & Currency) at BlinkX and JM Financial.
Silver was also trading lower at USD 24.45 per ounce. In the previous trade, it had closed at $25.51 per ounce. Comex spot gold has support at $2,145/2,130 and resistance at $2,178/2,206 per ounce. “Gold prices experienced a correction over the last two days, influenced by a rise in dollar index and profit booking following a strong bullish rally in March.
