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Gold price further slips, silver remains flat

Gold plunges Rs400; silver tumbles Rs600
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Gold plunges Rs400; silver tumbles Rs600

New Delhi: Gold price slipped Rs30 to Rs62,170 per 10 grams in the national capital on Thursday amid weak global cues, according to HDFC Securities. The yellow metal had ended at Rs62,200 per 10 grams in the previous trade. However, silver remained flat for the second straight session at Rs76,400 per kilogram. “Gold prices traded slightly negative on Thursday, down by Rs30, against the previous close,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.

In the international markets, gold and silver were quoting lower at $1,994 per ounce and $23.66 per ounce, respectively. Gold slipped as treasury yields gained after fresh US data showed consumers expect inflation to persist, while traders assessing a slew of reports this week to gauge the Federal Reserve’s next steps on monetary policy outlook, Gandhi said. Meanwhile, in futures trade, the December contract of gold rose Rs48 to Rs61,072 per 10 grams on the MCX. Also, the December contract of silver jumped Rs114 to Rs72,940 per kilogram on the exchange.

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