Gold Price Drops Rs 50, Silver Slumps Rs 250

New Delhi, Sep 3 (PTI) Gold prices slipped Rs 50 to Rs 74,050 per 10 grams in the national capital on Tuesday, according to the All India Sarafa Association.

The precious metal of 99.9 per cent purity had finished at Rs 74,100 per 10 grams in the previous session on Monday.

Silver prices also slumped by Rs 250 to Rs 85,250 per kilogram on Tuesday. It had closed at Rs 85,500 per kg in the previous close.

Additionally, gold of 99.5 per cent purity fell by Rs 50 to Rs 73,700 per 10 grams.

On the global front, Comex gold is trading at USD 2,531.40 per ounce, up by USD 3.80 per ounce or 0.15 per cent.

"Gold fluctuated in a narrow range on Tuesday as traders remained sidelined ahead of US job market data that may influence the US Federal Reserve's (Fed) interest rate-cutting path," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

However, silver was quoted 1.81 per cent lower at USD 28.62 per ounce in the international markets.

During the week, traders will focus on various job reports, including Jolts job openings, ADP Non-farm employment change, non-farm payrolls and unemployment data, which will impact the Fed's policy decision and could provide direction for gold prices, Gandhi added.

Anticipation of an interest rate cut at the upcoming US Fed meeting would likely keep gold prices elevated, according to Angel One's Prathamesh Mallya, DVP- Research of Non-Agri Commodities and Currencies.