Gold Price Falls Rs 120, Silver Steady - HDFC Securities
Jun 27, 2024 17:21
Gold prices in India fell by Rs 120 on Thursday, mirroring a decline in global markets, while silver prices remained unchanged. Read more about the gold and silver price movements.
New Delhi, Jun 27 (PTI) Gold prices fell Rs 120 to Rs 72,180 per 10 grams in the national capital on Thursday in line with weak trends in the global markets, according to HDFC Securities.
The precious metal had settled at Rs 72,300 per 10 grams in the previous session.
However, silver prices remained flat at Rs 90,600 per kg.
"In Delhi markets, spot gold prices (24 carats) quoted at Rs 72,180 per 10 grams, down by Rs 120 from the previous close," Dilip Parmar, Research Analyst at HDFC Securities, said.
In the international markets, spot gold at Comex was trading at USD 2,305 per ounce, down USD 11 from the previous close.
Gold traded lower in the early trade due to stronger rupee and risk-on sentiments, Parmar said.
However, silver remained flat at USD 28.94 per ounce.
"Commodities remain in a corrective mode, weighed by a stronger US dollar and elevated Treasury yields as recent comments from a couple of the Fed officials suggests that rate cuts are unlikely to come anytime soon," Pranav Mer, VP - Research (Commodity & Currency) at BlinkX and JM Financial, said.
According to Deveya Gaglani, Senior Research Analyst at Axis Securities, traders will await the final GDP data in the evening and the core Personal Consumption Expenditures (PCE) price index data, due on Friday, to take cues regarding the US Federal Reserve rate hike.
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