Gold Price Drops Rs 50, Silver Tumbles Rs 500 - HDFC Securities
Feb 22, 2024 21:27
Gold prices in India fell by Rs 50 to Rs 62,800 per 10 grams on Thursday, while silver tumbled Rs 500 to Rs 75,200 per kg. The decline was attributed to higher interest rates.
New Delhi, Feb 22 (PTI) Gold prices fell Rs 50 to Rs 62,800 per 10 grams in the national capital on Thursday, according to HDFC Securities.
The precious metal had finished at Rs 62,850 per 10 grams in the previous close.
Silver also tumbled Rs 500 to Rs 75,200 per kilogram, while it had ended at Rs 75,700 per kg in the previous trade.
"Spot gold prices (24 carats) in the Delhi markets are trading at Rs 62,800 per 10 grams, down by Rs 50 against the previous close," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
In the international markets, spot gold at Comex was trading flat at USD 2,027 per ounce, unchanged from the previous close.
However, silver was down at USD 23 per ounce.
The market analysts said that the interest rates may remain higher for longer period after the release of hawkish US Federal Reserve's meeting minutes.
"Accordingly, the gold prices slightly declined on Thursday," Gandhi added.
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