New Delhi: Gold prices slipped Rs 50 to Rs 72,150 per 10 grams in the local market on Thursday in line with weak trends globally, according to HDFC Securities.
On Wednesday, the precious metal had closed at Rs 72,200 per 10 grams.
Silver also fell by Rs 550 to Rs 90,950 per kg. In the last session it had closed at Rs 91,500 per kg.
“In Delhi markets, spot gold prices (24 carat) are trading at Rs 72,150 per 10 grams, lower by Rs 50 from the previous close,” said Saumil Gandhi, senior commodity analyst at HDFC Securities.
In global markets, spot gold on Comex was trading at US$2,313 an ounce, lower by US$2 from its previous close.
The yellow metal gave up its gains and traded lower after the US Federal Reserve said inflation had fallen further below its target level in recent months. US Fed officials have also hinted at cutting their interest rates only once this year, Gandhi said.
Silver was at $29.30 an ounce, down marginally from $29.35 an ounce in the previous session.
"Gold and silver prices rose after US inflation data, but failed to hold above after Fed Chairman Jerome Powell's sharp comments at the Fed meeting on Wednesday.
Navneet Damani, Senior Group VP – Head Research Commodities & Currency, Motilal Oswal Financial Services, released on Thursday, “...Traders will focus on upcoming macroeconomic data including US Producer Price Index (PPI) and Jobless Claims data. " , Said.
On Wednesday, the precious metal had closed at Rs 72,200 per 10 grams.
Silver also fell by Rs 550 to Rs 90,950 per kg. In the last session it had closed at Rs 91,500 per kg.
“In Delhi markets, spot gold prices (24 carat) are trading at Rs 72,150 per 10 grams, lower by Rs 50 from the previous close,” said Saumil Gandhi, senior commodity analyst at HDFC Securities.
In global markets, spot gold on Comex was trading at US$2,313 an ounce, lower by US$2 from its previous close.
The yellow metal gave up its gains and traded lower after the US Federal Reserve said inflation had fallen further below its target level in recent months. US Fed officials have also hinted at cutting their interest rates only once this year, Gandhi said.
Silver was at $29.30 an ounce, down marginally from $29.35 an ounce in the previous session.
"Gold and silver prices rose after US inflation data, but failed to hold above after Fed Chairman Jerome Powell's sharp comments at the Fed meeting on Wednesday.
Navneet Damani, Senior Group VP – Head Research Commodities & Currency, Motilal Oswal Financial Services, released on Thursday, “...Traders will focus on upcoming macroeconomic data including US Producer Price Index (PPI) and Jobless Claims data. " , Said.
