Gold tanks ₹ 608; silver declines ₹ 1,214

In the international market, gold traded lower.

Gold prices fell by ₹ 608 to ₹ 52,463 per 10 grams in the national capital on Thursday, in tandem with weak international trends, according to HDFC Securities.

In the previous trade, it had closed at ₹ 53,071 per 10 grams.

Silver also failed to attract investors as it declined ₹ 1,214 to ₹ 69,242 per kg, from ₹ 70,456 per kg in the previous trade.

“Spot gold prices for 24 karat in Delhi fell by ₹ 608, reflecting overnight selling in international prices,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold traded lower at USD 1,943.8 per ounce and silver at USD 26.83 per ounce.

“Gold witnessed selling as the Dollar Index rebounded post the US FOMC (Federal Open Market Committee) meeting after the US Federal Reserve signalled to keep interest rates near to zero till 2023 sighting slower economic recovery,” he added.

Motilal Oswal Financial Services Vice-President (Commodities Research) Navneet Damani said, “Gold prices edged lower as the US dollar firmed, although doubts over a swift global economic recovery and the US Federal Reserve’s pledge to hold interest rates near zero until at least 2023 limited losses for the safe-haven metal.”

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