New Delhi: Gold prices in the national capital on Friday fell by Rs 70 to Rs 72,080 per 10 gram in line with global trends, according to HDFC Securities.
In the previous session, the precious metal had closed at Rs 72,150 per 10 grams.
Silver prices also fell by Rs 250 to Rs 90,700 per kg. On Thursday it closed at Rs 90,950 per kg.
“In Delhi markets, spot gold prices (24 carat) are trading at Rs 72,080 per 10 grams, lower by Rs 70 from the previous close,” said Saumil 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$3 from its previous close.
Gandhi said gold prices fell on Friday due to the rise in the US dollar and the US Federal Reserve's tough stance this week.
According to experts, the prices of the yellow metal are currently under pressure due to the US Fed's aggressive stance on interest rates. Earlier, the US Central Bank had maintained status quo on interest rates, but as per its latest decision its comments on cutting rates in 2024 are sharp.
The Fed's stance on just one rate cut this year from three in the past has led to a rise in the greenback and US Treasury yields, which has weighed on gold prices.
Silver also declined and was being quoted at US $ 29.05 an ounce. In the previous session it had closed at US$29.30 an ounce.
"Retail demand for gold from Asian countries is expected to remain strong this year amid geopolitical uncertainties," experts said.
In the previous session, the precious metal had closed at Rs 72,150 per 10 grams.
Silver prices also fell by Rs 250 to Rs 90,700 per kg. On Thursday it closed at Rs 90,950 per kg.
“In Delhi markets, spot gold prices (24 carat) are trading at Rs 72,080 per 10 grams, lower by Rs 70 from the previous close,” said Saumil 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$3 from its previous close.
Gandhi said gold prices fell on Friday due to the rise in the US dollar and the US Federal Reserve's tough stance this week.
According to experts, the prices of the yellow metal are currently under pressure due to the US Fed's aggressive stance on interest rates. Earlier, the US Central Bank had maintained status quo on interest rates, but as per its latest decision its comments on cutting rates in 2024 are sharp.
The Fed's stance on just one rate cut this year from three in the past has led to a rise in the greenback and US Treasury yields, which has weighed on gold prices.
Silver also declined and was being quoted at US $ 29.05 an ounce. In the previous session it had closed at US$29.30 an ounce.
"Retail demand for gold from Asian countries is expected to remain strong this year amid geopolitical uncertainties," experts said.
