Gold Prices Increase by Rs 70 to Rs 72,550 per 10 Grams, Silver Drops by Rs 400 per kg
New Delhi: Gold prices rose by Rs 70 to Rs 72,550 per 10 grams in the local market on Tuesday, following firm global trends, as reported by HDFC Securities. The precious metal had closed at Rs 72,480 per 10 grams on Monday.
In contrast, silver prices fell by Rs 400 to Rs 91,500 per kilogram, having previously settled at Rs 91,900 per kilogram.
Saumil Gandhi, Research Analyst at HDFC Securities, stated, “In Delhi markets, spot gold prices (24 carats) are trading at Rs 72,550 per 10 grams, reflecting a slight increase of Rs 70 from the previous close.”
In the global markets, spot gold on the Comex was trading at USD 2,324 per ounce, marking an increase of USD 6 from the previous close. Gandhi noted that gold traded within a narrow range on Tuesday amid a gloomy market sentiment. He added, “Traders’ focus is shifting towards the upcoming macroeconomic data due at the end of this week, including the US GDP and the Federal Reserve’s preferred gauge of consumer inflation, which could provide insights into when the central bank might pivot to monetary policy easing.”
Meanwhile, silver prices declined to USD 29.40 per ounce, compared to USD 29.47 per ounce in the previous session.
Praveen Singh, Associate Vice President of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, commented that the yellow metal is expected to trade within a range ahead of the US GDP and Personal Consumption Expenditures (PCE) inflation data. “The short-term outlook is slightly bearish, although short covering may be anticipated starting Wednesday,” Singh added.
