Weak global cues take sheen off precious metals

New Delhi: Gold edged lower by Rs80 to Rs60,120 per 10 grams in the national capital on Tuesday amid a decline in the precious metal in global markets, according to HDFC Securities. The yellow metal had closed at Rs60,200 per 10 grams in the previous trade. Silver also plunged Rs800 to Rs74,000 per kg.

“Gold declined for the second consecutive day on Tuesday, with spot gold prices in the Delhi markets trading at Rs60,120/10 gram down by Rs80 per 10 gram,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities. In the overseas markets, both gold and silver were trading lower at $1,932 per ounce and $23.09 per ounce, respectively. The Federal Reserve’s potential to continue tightening monetary policy helps the dollar gain some momentum, which is seen as a major factor weighing on the price of gold.