Gold tumbles ₹750; silver nosedives ₹1,400
The Hindu
Gold prices tumbled ₹750 to ₹62,350 per 10 grams in the national capital on Wednesday amid weak global cues, according to HDFC Securities.
Gold prices tumbled ₹750 to ₹62,350 per 10 grams in the national capital on Wednesday amid weak global cues, according to HDFC Securities.
In the previous trade, the precious metal had ended at ₹63,100 per 10 grams.
Silver also nosedived ₹1,400 to ₹74,000 per kg, while it had closed at ₹75,400 per kg in the previous close.
"Spot gold prices (24 carats) in the Delhi markets are trading at ₹62,350 per 10 grams, down by ₹750 taking bearish cues from overseas markets," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
In the international markets, spot gold at Comex was trading at $1,995 per ounce, down by $26 from the previous close.
Comex spot gold fell below $2,000 per ounce for the first time since December after hotter-than-anticipated U.S. Consumer Price Index (CPI) data, which dashed optimism that the Federal Reserve might soon abandon its monetary policy easing, Gandhi added.
Also, silver was trading lower at $21.97 per ounce, while it had closed at $22.82 per ounce.
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