Gold prices drop by Rs 50; silver jumps Rs 400

The yellow metal had settled at Rs 66,400 per 10 gram in the previous trade.

New Delhi: Gold prices slipped by Rs 50 to Rs 66,350 per 10 gram in the national capital on Tuesday amid weak global cues, according to HDFC Securities.

The yellow metal had settled at Rs 66,400 per 10 gram in the previous trade.

Silver jumped Rs 400 to settle at Rs 75,900 per kilogram.

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“Spot gold price (24 carats) in the Delhi markets is trading at Rs 66,350 per 10 gram, down by Rs 50 from the previous close,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the international markets, spot gold at COMEX was trading at USD 2,177 per ounce, down USD 3 from the previous close.

Silver was trading marginally higher at USD 24.44 per ounce globally.

“Gold price retreated on Tuesday as traders trimmed positions before the outcome of crucial US consumer price index data that might offer additional assurance over when the Federal Reserve will decide to start lowering interest rates,” Gandhi said.

The rupee consolidated in a narrow range and settled for the day 3 paise lower at 82.78 (provisional) against the US dollar on Tuesday, as market participants remained on the sidelines ahead of the release of key macroeconomic data.

Gandhi said the recovery in the US dollar from its recent low also weighed on gold prices.

“Considering the fact that US CPI data of January was sticky, continuation of the trend will weigh on gold prices,” Praveen Singh – Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.

The market experts said that the investors will also look at the UK job report and Germany’s CPI data expected on Tuesday.

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