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Gold falls Rs 50; silver climbs Rs 430

Gold falls Rs 50; silver climbs Rs 430

New Delhi: After hitting an all-time high level, gold prices on Tuesday fell Rs50 to Rs68,370 per 10 grams in the local market, following weak trends in the international markets, according to HDFC Securities. In the previous session, the precious metal closed at Rs68,420 per 10 grams. However, silver prices climbed Rs430 to Rs79,000 per kg. In the previous session, it had settled at Rs78,570 per kg. In the overseas markets, spot gold at COMEX was trading at $2,255 per ounce, down by $2 from the previous close.

Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said: “After reaching an all-time high in the previous session, gold prices slightly retreated on Tuesday, as traders began to doubt the US Federal Reserve’s decision to lower interest rates following solid US manufacturing data. Meanwhile, the US dollar index rallied to a five-month high, which also weighed down on the precious metal prices.”

However, silver prices were higher at $25.55 per ounce. Its previous close was $25.13 per ounce. Going forward, traders anticipate that bullion prices will consolidate in the upper-end range, with a positive bias, and an uptrend will resume once COMEX spot gold crosses the $2,270 level, Gandhi added.

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