Gold Price Drops Rs 50, Silver Tumbles Rs 550 - HDFC Securities

New Delhi, Jun 13 (PTI) Gold prices slipped Rs 50 to Rs 72,150 per 10 grams in the local market on Thursday in line with weak trends globally, according to HDFC Securities.

The precious metal had closed at Rs 72,200 per 10 grams on Wednesday.

Silver also tumbled Rs 550 to Rs 90,950 per kg. It had settled at Rs 91,500 per kg in the previous session.

"In Delhi markets, spot gold prices (24 carats) are trading at Rs 72,150 per 10 grams, down by Rs 50 from the previous close," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the global markets, spot gold at Comex was trading at USD 2,313 per ounce, down USD 2 from the previous close.

The yellow metal gave up its gains and is trading lower after the US Federal Reserve said that inflation has fallen further toward its target level in recent months. The US Fed officials also signalled to cut their interest rate just once this year, Gandhi said.

Silver was marginally down at USD 29.30 per ounce against USD 29.35 per ounce in the previous session.

"Gold and silver prices rallied post the US inflation data but failed to sustain above after hawkish comments from Fed Chair Jerome Powell in the Fed meet on Wednesday.

"...traders will focus on the upcoming macroeconomic data, including US Producer Price Index (PPI) and jobless claims data," to be released on Thursday, Navneet Damani, Senior Group VP - Head Research Commodities & Currency at Motilal Oswal Financial Services, said.