Gold slips and silver price rise

New Delhi: Gold prices fell Rs50 to Rs72,350 per 10 grams in the national capital on Tuesday amid a fall in precious metal rates globally, according to HDFC Securities. However, silver jumped Rs400 to Rs91,300 per kg. Commodity markets were partially closed on Monday on account of Eid ul-adha. “In Delhi markets, spot gold prices (24 carats) are trading at Rs72,350 per 10 grams, down by Rs50 from the previous close,” Dilip Parmar, Senior Research Analyst at HDFC Securities, said.

In the international markets, spot gold at Comex was last quoted at $2,319 per ounce, down $2 from the previous close. The yellow metal declined on Tuesday as a result of a risk-on attitude in all markets. The domestic gold prices were also affected by higher pricing, a stronger rupee, and lacklustre physical demand, Parmar added.

Meanwhile, silver was quoted higher at $29.35 per ounce. According to Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, major US macroeconomic data, including retail sales advance (May) and industrial production (May), will be released later on Tuesday. “A softer than expected retail sales report may help the metal recoup some of its losses. However, traders will pay attention to the speeches from a bunch of Federal Reserve policymakers as they want to assess the rigidity of the hawkish FOMC outcome,” Singh added.