Gold Slips Rs 50, Silver Climbs Rs 1,200

New Delhi: Gold prices slipped Rs 50 to a four-week low of Rs 77,750 per 10 grams in the national capital on Wednesday amid firm global trends, according to the All India Sarafa Association. On Tuesday, the yellow metal of 99.9 per cent purity had closed at Rs 77,800 per 10 grams. However, silver prices rebounded after two days of straight fall by climbing Rs 1,200 to Rs 92,500 per kg against the previous close of Rs 91,300 per kg. Price of gold of 99.5 per cent purity fell Rs 50 to Rs 77,350 per 10 grams. The yellow metal had finished lower at Rs 77,400 per kg on Tuesday. Globally, Comex gold futures rose USD 8 per ounce, or 0.31 per cent, to USD 2,614.30 per ounce. Silver traded 0.85 per cent higher at USD 31.02 per ounce in the Asian market hours. Meanwhile, in futures trade on the Multi Commodity Exchange (MCX), gold contracts for December delivery rose Rs 204, or 0.27 per cent, to trade at Rs 75,105 per 10 grams. Silver contracts for December delivery jumped Rs 760, or 0.85 per cent, to Rs 90,087 per kg on the exchange. “Gold saw minor gains as investors anticipate the release of US Consumer Price Index (CPI) data, which could offer some short-term support amidst an overall weak trend,” Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said. The CPI’s downward trend towards the Federal Reserve’s 2 per cent target could pave the way for continued interest rate cuts, potentially supporting gold in the longer term, Trivedi added.