Gold Slips Rs 80; Silver Rallies Rs 600

Image Credit: Reuters

New Delhi: Gold prices slipped by Rs 80 to Rs 62,270 per 10 grams in the national capital on Thursday amid a fall in the prices of the precious metal in global markets, according to HDFC Securities.

The yellow metal had ended at Rs 62,350 per 10 grams in the previous trade. However, silver rallied by Rs 600 to Rs 74,600 per kilogram, whereas it had closed at Rs 74,000 per kg in the previous session.

"Spot gold prices (24 carats) in the Delhi markets are trading at Rs 62,270 per 10 grams, down by Rs 80, taking bearish cues from overseas markets," said Saumil Gandhi, senior analyst of commodities at HDFC Securities.

In the international markets, spot gold at Comex was trading at USD 1,993 per ounce, down by USD 2 from the previous close. However, silver was trading higher at USD 22.50 per ounce, while it had settled at USD 21.97 per ounce in the previous session.

Following better-than-expected US Consumer Price Index (CPI) data that caused investors to reduce their bets on early Federal Reserve interest rate cuts, gold continues to hover below the key USD 2,000 mark, said Navneet Damani, senior vice-president of commodity research at Motilal Oswal Financial Services.