Gold falls Rs 150; silver slumps Rs 300

PTI

New Delhi, May 8

Gold prices fell by Rs 150 to Rs 72,300 per 10 grams in the national capital on Wednesday amid a decline in precious metal rates in the global markets, according to HDFC Securities.

The yellow metal had ended at Rs 72,450 per 10 grams in the previous session.

Silver prices also slumped Rs 300 to Rs 84,700 per kg. It had finished at Rs 85,000 per kg in the previous close.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,300 per 10 grams, down by Rs 150 against the previous close,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the overseas markets, spot gold at Comex was trading at USD 2,310 per ounce, down by USD 9 from the previous close.

Gold prices declined amid a rise in the US dollar, Gandhi said.

Silver was also quoting lower at USD 27.15 per ounce. It had closed at USD 27.25 per ounce in the previous session.

“Gold prices are consolidating in a range so far in the week amid lack of fresh triggers, as market participants look for more incoming data to gauge the outlook on the future interest rates. The recent US macro data have come in weaker than expected - showing signs of a slowdown, which has led to rising bets for an early rate cut by the US Federal Reserve.

“The Middle-East geopolitical issue is already priced in. However, the bullion remains supported by demand from central banks, who are diversifying their FX reserves with gold,” Vice President Pranav Mer, EBG - Commodity & Currency Research at JM Financial Services Ltd, said.

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