New Delhi: Amid a soft trend in global markets, gold prices once again witnessed a sharp fall in the national capital on Friday and it fell by Rs 90 to close at Rs 72,650 per 10 grams.
The precious metal had fallen Rs 1,050 to close at Rs 73,550 per 10 gram in the previous session on Thursday, a day after a marginal fall of Rs 50 on Wednesday.
Extending its decline to a third consecutive day, the yellow metal declined after stronger-than-expected US macroeconomic data reinforced bets that the US Federal Reserve will keep interest rates high for the long term, according to HDFC Securities.
Meanwhile, silver also fell by Rs 500 to Rs 92,100 per kg. In the previous session it had closed at Rs 92,600 per kg."Taking bearish cues from overseas markets, spot gold prices are trading down by Rs 900 at Rs 72,650 per 10 grams in Delhi markets," said Saumil Gandhi, senior commodity analyst at HDFC Securities.
In global markets, gold spot on Comex was trading at US$2,340 an ounce, down US$35 from its previous close.
“The S&P Global Flash May Composite Purchasing Managers' Index (PMI) rose to the highest point since April 2022, surpassing all projections.
"After the data release, US Treasury yields and the dollar index rose, which weighed on the prices of the yellow metal," Gandhi said.
Silver also declined and was being quoted at US $ 30.45 an ounce.“Gold has traded weak this week, experiencing a significant selloff from weekly highs above Rs 2,800. The fall is mainly due to the US Fed looking less likely to cut rates any time soon, as per reports from its recent meeting. Minutes indicate.
“Despite this fall, the overall bullishness in gold remains strong and this week's decline should be viewed as a buying opportunity,” said Jatin Trivedi, V Research Analyst, Commodity and Currency at LKP Securities.
According to market experts, the yellow metal has also been affected by reduced safe-haven demand amid easing geopolitical tensions in the Middle East.
The precious metal had fallen Rs 1,050 to close at Rs 73,550 per 10 gram in the previous session on Thursday, a day after a marginal fall of Rs 50 on Wednesday.
Extending its decline to a third consecutive day, the yellow metal declined after stronger-than-expected US macroeconomic data reinforced bets that the US Federal Reserve will keep interest rates high for the long term, according to HDFC Securities.
Meanwhile, silver also fell by Rs 500 to Rs 92,100 per kg. In the previous session it had closed at Rs 92,600 per kg."Taking bearish cues from overseas markets, spot gold prices are trading down by Rs 900 at Rs 72,650 per 10 grams in Delhi markets," said Saumil Gandhi, senior commodity analyst at HDFC Securities.
In global markets, gold spot on Comex was trading at US$2,340 an ounce, down US$35 from its previous close.
“The S&P Global Flash May Composite Purchasing Managers' Index (PMI) rose to the highest point since April 2022, surpassing all projections.
"After the data release, US Treasury yields and the dollar index rose, which weighed on the prices of the yellow metal," Gandhi said.
Silver also declined and was being quoted at US $ 30.45 an ounce.“Gold has traded weak this week, experiencing a significant selloff from weekly highs above Rs 2,800. The fall is mainly due to the US Fed looking less likely to cut rates any time soon, as per reports from its recent meeting. Minutes indicate.
“Despite this fall, the overall bullishness in gold remains strong and this week's decline should be viewed as a buying opportunity,” said Jatin Trivedi, V Research Analyst, Commodity and Currency at LKP Securities.
According to market experts, the yellow metal has also been affected by reduced safe-haven demand amid easing geopolitical tensions in the Middle East.
