Gold Dips Rs 170; Silver Plunges Rs 1,850

New Delhi: Gold prices extended the slide for the third straight session and fell Rs 170 to Rs 78,130 per 10 grams in the national capital on Friday amid selling by jewellers and stockists, according to the All India Sarafa Association. The precious metal of 99.9 per cent purity ended at Rs 78,300 per 10 grams on Thursday. Silver prices plunged Rs 1,850 to Rs 88,150 per kg due to reduced offtake by industrial units and coin makers. The white metal closed at Rs 90,000 per kg in the previous session. The price of gold of 99.5 per cent purity went lower by Rs 170 to Rs 77,730 per 10 grams against the previous close of Rs 77,900 per 10 grams. Traders attributed the fall in yellow metal prices to lacklustre demand from local jewellers. Globally, Comex gold fu-tures advanced $13.10 to $2,621.20 per ounce.

“Gold witnessed minor buying as the $2,600-level on Comex acted as a temporary support, alongside Rs 75,500 in the domestic MCX market. The momentum remains volatile due to uncer-tainties surrounding the interest rate cycle. “Although the Fed decided to keep rates lower, its projections indicated fewer rate cuts going forward, which has maintained pressure on gold pric-es for the past two days,” Jateen Trivedi, VP Research Analyst of Commodity and Currency, LKP Securities, said.