New Delhi: Gold prices rose Rs 70 to Rs 72,550 per 10 grams in the local market on Tuesday in line with firm global trends, according to HDFC Securities.
The precious metal had closed at Rs 72,480 per 10 grams on Monday.
However, silver prices plunged by Rs 400 to Rs 91,500 per kg. In the previous session, it had settled at Rs 91,900 per kg.
“In Delhi markets, spot gold prices (24 carats) are trading at Rs 72,550 per 10 grams, slightly up by Rs 70 from the previous close,” Saumil Gandhi, Research Analyst at HDFC Securities, said.
In the global markets, spot gold at Comex was trading at USD 2,324 per ounce, up USD 6 from the previous close.
Gold traded in a narrow range on Tuesday under gloomy market sentiment, Gandhi said.
“…traders’ focus is turning to macroeconomic data due at the end of this week, including US GDP and the Federal Reserve’s preferred gauge of consumer inflation, which could offer clues on when the central bank will pivot to monetary policy easing,” he added.
However, silver was down at USD 29.40 per ounce. It had ended at USD 29.47 per ounce in the previous session.
According to Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, the yellow metal is expected to range trade ahead of the US GDP and Personal Consumption Expenditures (PCE) inflation data.
“Outlook is slightly bearish in the short term, though short covering may be expected to begin from Wednesday,” Singh said.
