Gold and Precious Metals

Global Decline Impacts Gold Prices, Silver Jumps Rs 400 In India

Gold prices decreased by Rs 50 in Delhi on Tuesday, settling at Rs 72,350 per 10 grams amid a global decline in precious metal rates. Conversely, silver prices rose by Rs 400 to settle at Rs 91,300 per kg. The commodity markets experienced partial closure on Monday owing to Eid ul-Adha.

“In Delhi markets, spot gold prices (24 carats) are trading at Rs 72,350 per 10 grams, down by Rs 50 from the previous close,” Dilip Parmar, senior research analyst at HDFC Securities, said.

In the international markets, spot gold at Comex was last quoted at $2,319 per ounce, down $2 from the previous close.

The yellow metal declined on Tuesday as a result of a risk-on attitude in all markets. The domestic gold prices were also affected by higher pricing, a stronger rupee, and lacklustre physical demand, Parmar said.

Meanwhile, silver was quoted higher at $29.35 per ounce.

Major U.S. macroeconomic data, including retail sales advance and industrial production for May, will be released later on Tuesday.

“A softer than expected retail sales report may help the metal recoup some of its losses,” Praveen Singh, associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.

“However, traders will pay attention to the speeches from a bunch of Federal Reserve policymakers as they want to assess the rigidity of the hawkish FOMC outcome.”

(Inputs from PTI)

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