Gold, silver retreat from record levels

New Delhi: Gold and silver prices retreated from record highs in the national capital on Tuesday, with the yellow metal plunging by Rs550 per 10 grams due to profit-taking and weak global trends. According to HDFC Securities, gold prices were impacted by hawkish comments from one of the US Fed Reserve members, who suggested that interest rates will need to continue at current levels for a longer period to bring inflation back to target. Gold prices declined by Rs550 to Rs74,650 per 10 grams. It had settled at Rs75,200 per 10 grams in the previous session.

Silver prices also declined Rs1,600 to Rs94,500 per kg. In the previous session, it had settled at Rs96,100 per kg. “Spot gold prices (24 carats) in the Delhi markets were trading at Rs74,650 per 10 grams, down by Rs550 against the previous close,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. In the international markets, spot gold at Comex was trading at $2,420 per ounce, down $22 from the previous close. Silver was quoting lower at $31.60 per ounce. “Gold is trading slightly lower on profit-booking, after hitting an all-time high in early trades.