New Delhi: Due to profiteering traders and weak global trends, gold prices in the local market fell for the second consecutive day by Rs 1,450 to Rs 72,200 per 10 grams.
Silver prices also fell by Rs 2,300 per kg.
According to HDFC Securities, the price of gold in Delhi fell by Rs 1,450 to Rs 72,200 per 10 grams. In the previous session, the precious metal had closed at Rs 73,650 per 10 grams.
Silver prices fell by Rs 2,300 to Rs 83,500 per kg.In the last close it had closed at Rs 85,800 per kg.
"Spot gold prices (24 carat) are trading lower by Rs 1,450 at Rs 72,200 per 10 gram in Delhi markets amid bearish cues from overseas markets," said Soumi Gandhi, senior commodity analyst at HDFC Securities. "
In international markets, spot gold on Comex was trading at US$2,310 an ounce, lower by US$55 from its previous close.
Gold prices fell further on Tuesday amid signs of easing tensions in the Middle East, signs that the US Federal Reserve will keep rates high for longer, dampening demand.
Gandhi said traders also shifted their money flows from safe-haven to risk assets, leading to profit-booking in the precious metals after the recent rally.Silver was also trading at $ 26.80 an ounce. In the previous session it had closed at $27.95 an ounce.
“Gold prices continue to trend downwards and the reason for this fall is the sharp fall in COMEX Gold within two days.
“In the coming days, MCX gold prices may take support near Rs 70,000. However, if prices fall below this level, there could be another selloff towards Rs 68,500 as Middle East risk appetite Emotions will calm down." said Jati Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities.
Meanwhile, gold fell by Rs 754 to Rs 70,443 per 10 grams in futures trade on MCX. The most traded June contract touched an intra-day low of R 70,202 per 10 grams.
Besides, silver contract for May delivery was also trading at Rs 79,851 per kg, down by Rs 728 or 0.9 per cent.
Chintan Mehta, Chief Executive Officer, Abans Holdings, said, “The market will be expecting macroeconomic data on Manufacturing PMI and Services PMI from the US, UK and Europe on Tuesday, while keeping an eye on any developments on the geopolitical front."
Silver prices also fell by Rs 2,300 per kg.
According to HDFC Securities, the price of gold in Delhi fell by Rs 1,450 to Rs 72,200 per 10 grams. In the previous session, the precious metal had closed at Rs 73,650 per 10 grams.
Silver prices fell by Rs 2,300 to Rs 83,500 per kg.In the last close it had closed at Rs 85,800 per kg.
"Spot gold prices (24 carat) are trading lower by Rs 1,450 at Rs 72,200 per 10 gram in Delhi markets amid bearish cues from overseas markets," said Soumi Gandhi, senior commodity analyst at HDFC Securities. "
In international markets, spot gold on Comex was trading at US$2,310 an ounce, lower by US$55 from its previous close.
Gold prices fell further on Tuesday amid signs of easing tensions in the Middle East, signs that the US Federal Reserve will keep rates high for longer, dampening demand.
Gandhi said traders also shifted their money flows from safe-haven to risk assets, leading to profit-booking in the precious metals after the recent rally.Silver was also trading at $ 26.80 an ounce. In the previous session it had closed at $27.95 an ounce.
“Gold prices continue to trend downwards and the reason for this fall is the sharp fall in COMEX Gold within two days.
“In the coming days, MCX gold prices may take support near Rs 70,000. However, if prices fall below this level, there could be another selloff towards Rs 68,500 as Middle East risk appetite Emotions will calm down." said Jati Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities.
Meanwhile, gold fell by Rs 754 to Rs 70,443 per 10 grams in futures trade on MCX. The most traded June contract touched an intra-day low of R 70,202 per 10 grams.
Besides, silver contract for May delivery was also trading at Rs 79,851 per kg, down by Rs 728 or 0.9 per cent.
Chintan Mehta, Chief Executive Officer, Abans Holdings, said, “The market will be expecting macroeconomic data on Manufacturing PMI and Services PMI from the US, UK and Europe on Tuesday, while keeping an eye on any developments on the geopolitical front."
