New Delhi: Gold prices fell by Rs 100 to Rs 73,310 per 10 gram in the national capital on Tuesday amid weak global cues, according to HDFC Securities.
The precious metal had settled at Rs 73,410 per 10 grams on Monday.
However, silver prices rose by Rs 180 to Rs 94,450 per kg from Rs 94,270 per kg in the previous session.
"Gold prices traded lower ahead of Fed members' speech and US inflation data. Domestic and global silver prices traded higher following strength in base metals and risk sentiment," said Dilip Parmar, research analyst at HDFC Securities.
Silver prices are expected to overtake the yellow metal in the near future, Parmar added.
On the external front, spot gold on Comex was trading at $2,362 per ounce, $11 less per ounce compared to the previous close.
"With the new government and political development in Iran, the United States mentioned on Monday that some progress in ceasefire talks weighs on the metal.
“Any update from Israel or elsewhere will be crucial for further volatility in prices,” said Manav Modi, senior commodities research analyst at Motilal Oswal Financial Services Ltd (MOFSL).
Traders will also be watching for further signals on US interest rates from Federal Reserve Chair Jerome Powell's testimony and key inflation data due later in the week, Modi added.
However, silver rose to $31.03 an ounce. In the previous session it had closed at $30.93 per ounce.
"Gold prices experienced volatility in the last two days, with profit booking triggered after China halted gold purchases for another month," said Jateen Trivedi, vice president of research, commodities and currencies analyst at LKP Securities.
According to Prathamesh Mallya, vice president of research, commodities and non-agricultural currencies at Angel One, gold prices fell, pressured by a rise in stocks and profit-taking after a recent rally driven by speculation of a possible rate cut. US Federal Reserve rates in September. .
Prices of the yellow metal are likely to remain subdued due to profit-taking, equity strength and anticipation of key Federal Reserve statements and inflation data, Mallya added.
The precious metal had settled at Rs 73,410 per 10 grams on Monday.
However, silver prices rose by Rs 180 to Rs 94,450 per kg from Rs 94,270 per kg in the previous session.
"Gold prices traded lower ahead of Fed members' speech and US inflation data. Domestic and global silver prices traded higher following strength in base metals and risk sentiment," said Dilip Parmar, research analyst at HDFC Securities.
Silver prices are expected to overtake the yellow metal in the near future, Parmar added.
On the external front, spot gold on Comex was trading at $2,362 per ounce, $11 less per ounce compared to the previous close.
"With the new government and political development in Iran, the United States mentioned on Monday that some progress in ceasefire talks weighs on the metal.
“Any update from Israel or elsewhere will be crucial for further volatility in prices,” said Manav Modi, senior commodities research analyst at Motilal Oswal Financial Services Ltd (MOFSL).
Traders will also be watching for further signals on US interest rates from Federal Reserve Chair Jerome Powell's testimony and key inflation data due later in the week, Modi added.
However, silver rose to $31.03 an ounce. In the previous session it had closed at $30.93 per ounce.
"Gold prices experienced volatility in the last two days, with profit booking triggered after China halted gold purchases for another month," said Jateen Trivedi, vice president of research, commodities and currencies analyst at LKP Securities.
According to Prathamesh Mallya, vice president of research, commodities and non-agricultural currencies at Angel One, gold prices fell, pressured by a rise in stocks and profit-taking after a recent rally driven by speculation of a possible rate cut. US Federal Reserve rates in September. .
Prices of the yellow metal are likely to remain subdued due to profit-taking, equity strength and anticipation of key Federal Reserve statements and inflation data, Mallya added.
