Gold Price Plunges Rs 400, Silver Tumbles Rs 600 - HDFC Securities
By Rediff Money Desk, NEWDELHI Jan 17, 2024 17:03
Gold prices fell Rs 400 to Rs 63,050 per 10 grams in Delhi on Wednesday, while silver dropped Rs 600 to Rs 75,800 per kg, driven by weak global cues.
New Delhi, Jan 17 (PTI) Gold prices plunged Rs 400 to Rs 63,050 per 10 grams in the national capital on Wednesday amid weak cues in the overseas market, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 63,450 per 10 grams.
Silver also tumbled Rs 600 to Rs 75,800 per kilogram.
In the global markets, gold and silver were quoting lower at USD 2,024 per ounce and USD 22.70 per ounce, respectively.
Gold witnessed significant downward pressure due to the strengthening dollar index and higher US Treasury yields, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Spot gold at Comex was trading at USD 2,024 per ounce, down by USD 25 from the previous close in the international markets.
Investors will closely monitor December US retail sales data which will be released on Wednesday and speeches from several Fed members which will provide insights on monetary policy interest rate path ahead, Gandhi added.
In the previous trade, the precious metal had closed at Rs 63,450 per 10 grams.
Silver also tumbled Rs 600 to Rs 75,800 per kilogram.
In the global markets, gold and silver were quoting lower at USD 2,024 per ounce and USD 22.70 per ounce, respectively.
Gold witnessed significant downward pressure due to the strengthening dollar index and higher US Treasury yields, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Spot gold at Comex was trading at USD 2,024 per ounce, down by USD 25 from the previous close in the international markets.
Investors will closely monitor December US retail sales data which will be released on Wednesday and speeches from several Fed members which will provide insights on monetary policy interest rate path ahead, Gandhi added.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 17.90 ( -3.35)
- 166585989
- Alstone Textiles
- 0.75 (+ 8.70)
- 47681821
- GTL Infrastructure
- 3.27 (+ 4.81)
- 44040612
- Visagar Financial
- 0.91 (+ 12.35)
- 29755394
- YES Bank Ltd.
- 23.70 (+ 0.77)
- 22163699
MORE NEWS
Indian Economy Growth: Exports, Manufacturing &...
Mumbai, June 30 (PTI) Healthy increase in the country's exports, improvement in the...
India Launches Anti-Dumping Probe on Glass...
New Delhi, June 30 (PTI) India has initiated an anti-dumping probe into the import of...
IBBI Launches Electronic Forms for Liquidation...
New Delhi, Jun 30 (PTI) To ease the compliance burden for insolvency professionals, and...