Gold falls ₹70; silver jumps ₹451
The Hindu
“Gold prices fell due to a strong U.S. economic data.”
Gold price fell ₹70 to ₹56,842 per 10 grams in the national capital on Friday amid a fall in rates of precious metal internationally, according to HDFC Securities.
In the previous trade, the yellow metal had closed at ₹56,912 per 10 grams.
Silver, however, jumped ₹451 to ₹68,874 per kilogram.
"Spot gold prices in the Delhi markets traded at ₹56,842 per grams, down ₹70 per 10 grams," said an analyst at HDFC Securities.
In the overseas market, gold was quoting lower at $1,924 per ounce while silver was up at $23.71 per ounce.
Comex gold prices traded negative in Asian trading hours on Friday, the analyst said.
"Gold prices fell due to a strong U.S. economic data that could prompt the Federal Reserve to keep interest rates higher for longer. Fed officials are expecting the rates to be above 5% by the end of this year," Navneet Damani, Senior VP - Commodity Research at Motilal Oswal Financial Services, said.
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