New Delhi: Gold prices saw yet another steep fall on Friday and settled Rs900 lower at Rs72,650 per 10 grams in the national capital amid subdued trend in the global markets. The precious metal had plunged Rs1,050 to close at Rs73,550 per 10 grams in the previous session on Thursday, a day after falling marginally by Rs50 on Wednesday.
Extending its decline for the third day in a row, the yellow metal declined after stronger-than-expected US macroeconomic data, which reinforced bets that the US Federal Reserve would keep interest rates higher for a longer period, according to HDFC Securities.
Meanwhile, silver also plunged Rs500 to Rs92,100 per kg. It had settled at Rs92,600 per kg in the previous session. “Spot gold prices in the Delhi markets are trading at Rs72,650 per 10 grams, down by Rs900, taking bearish cues from the overseas markets,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. In the global markets, spot gold at Comex was trading at $2,340 per ounce, down $35 from the previous close.
“The S&P Global flash May composite purchasing managers index (PMI) hit its highest point since April 2022, surpassing all estimates. “Following the data release, US Treasury yields, and the dollar index moved higher, which weighed on yellow metal prices,” Gandhi said.