New Delhi: Extending the downside for the second straight session, gold prices sharply tumbled by Rs1,050 to Rs73,550 per 10 grams in the national capital on Thursday amid a decline in precious metal rates globally. Gold slid sharply following the release of the Federal Reserve’s hawkish meeting minutes, which indicated that the US Fed officials are in no rush to cut rates, with “many” questioning whether a higher-for-longer policy is restrictive enough, according to HDFC Securities. The yellow metal had settled at Rs74,600 per 10 grams.
In addition, silver prices also plummeted by Rs2,500 to Rs92,600 per kg. It had closed at Rs95,100 per kg in the previous session. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs73,550 per 10 grams, down by Rs1,050, taking bearish cues from the overseas markets,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. In the international markets, spot gold at Comex was trading at $2,375 per ounce, down $42 from the previous close.
Silver also trading lower at $30.80 per ounce. In the previous session, it had finished at $31.75 per ounce. “Gold prices are down more than 3 per cent from an all-time high of Rs74,442 hit earlier in the week, weighed by profit-booking as selling accelerated after prices again failed to sustain above $2,400 per ounce in the overseas market.