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Bullion prices reeling under pressure

Gold slips Rs100; silver declines Rs300

Gold slips Rs100; silver declines Rs300

New Delhi: Gold prices plunged Rs230 to Rs63,970 per 10 grams in the national capital on Wednesday amid a bearish trend in the overseas markets, according to HDFC Securities. In the previous trade, the yellow metal ended at Rs64,200 per 10 grams. Silver also tumbled Rs400 to Rs78,400 per kilogram, while it had closed at Rs78,800 per kg in the previous close. In the international markets, gold and silver were trading lower at $2,059 per ounce and $23.60 per ounce, respectively.

“Following a strengthening in the dollar index and a sharp rise in US treasury yields, gold prices came under pressure,” said Saumil Gandhi, senior analyst of commodities at HDFC Securities.

Spot gold at Comex was trading at $2,059 per ounce, down by $14 from the previous close in the global markets. Traders might refrain from placing aggressive bets before the Federal Open Market Committee (FOMC) December meeting minutes and US jobs openings data, which will be released on Wednesday, for more clarity on the Fed’s monetary policy interest rate outlook, Gandhi said.

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