Gold declines Rs 600, silver loses Rs 2,000

New Delhi: Gold prices declined by Rs 600 to Rs 1,26,700 per 10 grams in the national capital due to weak global trends and a firm US dollar, according to marketmen.

The precious metal of 99.5 per cent purity decreased by Rs 600 to Rs 1,26,100 per 10 grams. Silver prices slumped by Rs 2,000 to Rs 1,58,000 per kilogram.

“Gold prices declined on Thursday, impacted by a stronger US dollar and diminished safe-haven demand following reports of renewed US efforts to end the war in Ukraine,” Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

Gandhi noted that market sentiment further deteriorated after the US Bureau of Labor Statistics announced it would not publish the October jobs report, leaving the Fed without crucial labour data ahead of its final meeting of the year.

“This development increased the possibility for the Fed to maintain the status quo in the December meeting, a perspective reinforced by the minutes from the October meeting, which indicated that many officials support keeping interest rates steady through 2025,” he said.