The prices of gold fell by ₹30 to ₹60,110 per 10 grams in the national capital on Tuesday amid a decline in precious metal prices globally.
In the previous trade, the yellow metal had closed at ₹60,140 per 10 grams.
However, he prices of silver was up by ₹220 to ₹73,500 per kg.
“Spot gold in the Delhi markets traded at ₹60,110/10 grams, down ₹30 per 10 grams, taking cues from overseas markets,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
In the overseas markets, both gold and silver were trading down at $1,952 per ounce and $23.99 per ounce, respectively.
“Gold has been on a rollercoaster ride during the week with whipsaw price action and bouncing back from the 58600 level at MCX. The investors continue assessing the path ahead for interest rates after the US FED’s hawkish tone. The global economy needs to recover which implies that demand as a hedge for inflation shall persist in days to come. Overall a moderate bounce is expected for the precious metal from current levels,” said brokerage Religare Broking.
Gold edged up on Tuesday as the dollar eased but lacked clear momentum as traders positioned for US Federal Reserve Chair Jerome Powell’s testimony later this week for more direction on the interest rate path.
Spot gold rose 0.15 per cent to $1,952.98 per ounce by 0926 GMT. US gold futures fell 0.4 per cent to $1,964.10.
Spot silver fell 0.1% to $23.91 per ounce, platinum was down 0.7% to $969.04, while palladium was 0.7% lower to $1,396.35.
