Gold falls by Rs.120; Silver per kg Rs. 90,600 is stable

According to HDFC Securities, gold prices in the national capital on Thursday fell to Rs. 120 reduced to Rs. 72,180 per 10 grams. In the previous session, the precious metal traded at Rs. 72,300 per 10 grams was fixed.

However, the price of silver per kg is Rs. remained stable at 90,600.

“In Delhi markets, spot gold (24 carat) was quoted at Rs 72,180 per 10 grams, down by Rs 120 from the previous close,” said Dilip Parmar, research analyst at HDFC Securities.

In international markets, spot gold at the Comex was trading at $2,305 an ounce, down $11 from the previous close.

Gold traded lower in early trade due to stronger rupee and risk-on sentiment, Parmar said.

However, silver remained flat at $28.94 an ounce.

“Commodities remain in a correctional mode, weighed down by a strong US dollar and elevated Treasury yields as recent comments from several Fed officials suggest that a rate cut is unlikely to come soon,” Pranav Mer, VP – Research (Commodities & Currencies) ) said at BlinkX and JM Financial.

According to Devya Gagalani, senior research analyst at Axis Securities, traders will wait for the final GDP data and Core Personal Consumption Expenditures (PCE) price index data in the evening to take cues on the US Federal Reserve’s rate hike.