New Delhi: Gold and silver prices fell from their record highs in the national capital on Tuesday. Gold prices fell by Rs 550 per 10 grams due to weak global trend and profit booking.
According to HDFC Securities, gold prices were hit by hawkish comments from one of the members of the US Federal Reserve, who suggested that interest rates would need to remain at current levels for a longer period to get inflation back on target.
The price of gold fell by Rs 550 to Rs 74,650 per 10 grams. In the last session, gold had closed at Rs 75,200 per 10 grams. In the national capital, silver prices fell by Rs 1,600 to Rs 94,500 per kg.
In the previous session, it closed at Rs 96,100 per kg. HDFC Securities Senior Analyst (Commodity) Saumil Gandhi said, “Spot gold (24 carat) in Delhi was trading at Rs 74,650 per 10 grams, which shows a decline of Rs 550 from the previous closing price.” In the international market, Comex (commodity market), spot gold was trading at $ 2,420 per ounce, which is $ 22 below the previous closing price. The price of silver was $ 31.60 per ounce.
According to experts, traders will be closely keeping an eye on comments from Federal Reserve officials as well as the minutes of the Federal Open Market Committee (FOMC) meeting to be released on Wednesday, which will provide more information on the US central bank’s monetary policy outlook. .