New Delhi: Gold prices slumped by Rs350 to Rs72,000 per 10 grams in the national capital on Friday in line with weak trends globally, according to HDFC Securities. In the previous session, the precious metal had finished at Rs 72,350 per 10 grams. However, silver prices remained flat at Rs83,500 per kg.
“Spot gold prices (24 carats) in the Delhi markets are trading at Rs72,000 per 10 grams, down by Rs 350 against the previous close,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities. In the international markets, spot gold at Comex was trading at $2,297 per ounce, down by $7 from the previous close.
“Gold prices declined on Friday due to concerns that the US Federal Reserve may take longer to cut interest rates than previously anticipated as inflation risks persist. Additionally, the safe haven asset continues to erode after a possible ceasefire between Israel and Hamas,” added Gandhi.
However, silver was marginally up at $26.50 per ounce. It had closed at $26.45 per ounce in the previous session. “On the data front, US consumer confidence was reported lower than expectations, while US weekly jobless claims and factory order were reported higher which weighed down on the bullion prices,” Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services, said.