Gold slumps Rs 150; silver plunges Rs 750

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New Delhi: Extending the losses for the second straight session, gold prices on Tuesday slumped Rs 150 to Rs 72,600 per 10 grams in the national capital amid fall in precious metal rates in the global markets, according to HDFC Securities.

The yellow metal had closed at Rs 72,750 per 10 grams in the previous session.

Silver prices also plunged Rs 750 to Rs 83,750 per kg. In the previous close, it had ended at Rs 84,500 per kg.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,600 per 10 grams, down Rs 150 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 USD 2,320 per ounce, down USD 13 from the previous close.

“Gold prices continued to weaken… as this sell-off was attributed to the anticipation of a hawkish stance from the US Federal Reserve in the upcoming interest rate policy announcement scheduled for May 1.

“Additionally, the week ahead is expected to see continued volatility in gold prices, driven by key data releases such as the Nonfarm Payroll and Unemployment data,” Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said.

Silver was also quoting lower at USD 26.80 per ounce. In the previous session, it had finished at USD 27.22 per ounce.

Investors will await for the key data, including the US consumer confidence due to release later on Tuesday, which if is reported lower than expectations then it could support bullion prices on the lower end, Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services, said.

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