Gold prices decline by ₹330; silver tumbles ₹1,650

Gold prices are trading below yesterday’s close amid a sharp rebound in the dollar. Gold prices declined by 330 to 61,370 per 10 grams in the national capital on Thursday amid weak global trends, according to HDFC Securities.

In the previous trade, the precious metal had closed at 61,700 per 10 grams.

Silver also tumbled 1,650 to 75,950 per kg.

“Spot gold prices in the Delhi markets traded at 61,370 per 10 grams, down 330 per 10 grams,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the international market, spot gold continued to trade above the $2020 mark amid safe haven buying as US debt ceiling concerns persist

Gold prices edged lower in Asian trading hours on Thursday as volatility in yellow metal expanded post US inflation data, Gandhi said.

“Gold is expected to find support amid expectation of a decline in key US PPI numbers. The US PPI YoY is expected to dip to 2.5% against previous reading of 2.7%. Further, forecast of increase in weekly jobless claims number could also provide some support to the precious metal. MCX gold is expected to remain in a bullish bias as long as it trades above 60800. On the upside, 61600 level would act as resistance,” said ICICI Direct in its report.

Spot gold fell 0.1% to $2,026.99 per ounce by 1033 GMT, while U.S. gold futures ticked down 0.2% to $2,033.30.

The annual increase in U.S. consumer prices slowed to below 5% in April for the first time in two years. Although, month-over-month CPI in April rose 0.4% after gaining 0.1% in March.

Spot silver fell 2% to $24.91 per ounce, platinum shed 1.4% to $1,098.89, and palladium lost 1.4% to $1,584.07.


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