Bullion prices continue to fall

New Delhi: Gold prices slipped Rs80 to Rs61,820 per 10 grams in the national capital on Wednesday amid weak global cues, according to HDFC Securities. The precious metal had closed at Rs61,900 in its previous close.

Silver also tumbled Rs700 to Rs75,050 per kilogram. In the international markets, gold and silver were down at $1,981 per ounce and $22.70 per ounce, respectively. Spot gold at Comex was trading at $1,981 per ounce, down by $8 from its previous close in the overseas markets.

“Comex gold is trading near a multi-week low after US Consumer Price Index (CPI)data on Tuesday ticked up slightly in November, bringing into question expected rate cuts next year.

Traders are now waiting for remarks from Federal Reserve Chair Jerome Powell, who is scheduled to speak later on Wednesday, and will provide new insights into the central bank’s monetary policy rate path for next year,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.