Gold Price Drops Rs 350, Silver Tumbles Rs 1,200 - HDFC Securities
Nov 01, 2023 17:06
Gold price fell Rs 350 to Rs 61,700 per 10 grams in Delhi on Wednesday, driven by weak global cues and strength in the US dollar. Silver also tumbled Rs 1,200.
New Delhi, Nov 1 (PTI) Gold price declined Rs 350 to Rs 61,700 per 10 grams in the national capital on Wednesday amid weak global cues, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 62,050 per 10 grams.
"Gold begins the new month on a lower note as safe-haven demand declines," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
Silver also tumbled Rs 1,200 to Rs 74,300 per kilogram.
In the international markets, both gold and silver were trading lower at USD 1,978 per ounce and USD 22.55 per ounce, respectively.
Additionally, strength in the US dollar and bond yields weighed down on gold prices, Gandhi added.
Traders are now focussing on the outcome of US Federal Reserve's FOMC (Federal Open Market Committee) meeting later on Wednesday and any hawkish message from the central bank is likely to be negative for the bullion prices, he added.
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