Gold falls Rs 1,300, silver declines by Rs 1,670

New Delhi: Gold prices retreated from peak levels and traded Rs 1,300 lower at Rs 1,13,800 per 10 grams in the national capital, as investors rushed to book profits ahead of the US Federal Reserve’s policy decision.

According to the All India Sarafa Association, gold of 99.5 per cent purity declined by Rs 1,300 to Rs 1,13,300 per 10 grams. On Tuesday, the precious metal of 99.9 per cent and 99.5 per cent purity had jumped Rs 1,800 each to touch a lifetime high of Rs 1,15,100 and Rs 1,14,600 per 10 grams, respectively, in the Delhi bullion market. Silver too gave up gains and drifted lower, with profit-taking weighing on sentiment.

The white metal slumped Rs 1,670 to Rs 1,31,200 per kilogram. In the previous session, it had scaled a new record of Rs 1,32,870 per kg, after rising Rs 570. Spot gold slipped nearly 1 per cent to $3,664.82 per ounce after scaling an all-time high of $3,703.23 per ounce on Tuesday.

Silver too dropped by nearly 3 per cent to $41.38 per ounce. “Any neutral stance or less dovish comments without a clear roadmap for additional rate cuts could trigger a couple of percentage points of downside in bullion,” said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.