Gold prices in the national capital slipped by Rs 50 to Rs 66,350 per 10 grams on Tuesday, influenced by weak global cues, according to HDFC Securities. The previous trade saw the yellow metal settling at Rs 66,400 per 10 grams. Conversely, silver witnessed a surge of Rs 400 to settle at Rs 75,900 per kilogram.
Saumil Gandhi, senior commodities analyst at HDFC Securities, reported that spot gold prices in Delhi markets were trading at Rs 66,350 per 10 grams, marking a decline of Rs 50 from the previous close. Internationally, spot gold at COMEX traded at USD 2,177 per ounce, down USD 3 from its previous close, while silver saw a marginal increase, trading at USD 24.44 per ounce.
Gold prices retreated on Tuesday as traders adjusted their positions ahead of the release of crucial US consumer price index data, which could provide insight into the Federal Reserve’s decision on interest rates. Additionally, the recovery of the US dollar from recent lows exerted downward pressure on gold prices.
Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, emphasized that if the US CPI data continues its trend of stability, it could further weigh on gold prices. Investors are also keenly awaiting the UK job report and Germany’s CPI data expected on Tuesday.
Despite a narrow consolidation range, the rupee settled slightly lower against the US dollar on Tuesday, with market participants awaiting key macroeconomic data releases.
