Gold falls ₹402; silver tumbles ₹1,244
The Hindu
In the previous trade, the yellow metal had closed at ₹50,999 per 10 grams.
Gold price in the national capital fell ₹402 to ₹50,597 per 10 grams on Thursday, amid weak global trends, according to HDFC Securities.
In the previous trade, the yellow metal had closed at ₹50,999 per 10 grams.
Silver, also, tumbled ₹1,244 to ₹58,111 per kilogram.
"Gold inched lower on Federal Reserve Chair Jerome Powell's remarks that it was premature to discuss pausing rate hikes, after prices jumped over 1% as an initial reaction," said Navneet Damani, Senior VP - Commodity Research at Motilal Oswal Financial Services.
In the international market, gold was trading in red at $1,628.7 per ounce while silver was down at $19.15 per ounce.
"COMEX gold declined after Federal Reserve Chair Powell signalled the central bank would start implementing smaller rate hikes, although monetary policy would need to be tightened more than previously anticipated to control inflation," said Dilip Parmar, Research Analyst at HDFC Securities.
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