Gold falls by Rs 100 to Rs 73,310 per 10 g; silver rises Rs 180

NewsDrum Desk
New Update

New Delhi, Jul 9 (PTI) Gold prices fell by Rs 100 to Rs 73,310 per 10 grams in the national capital on Tuesday amid weak global cues, according to HDFC Securities.

The precious metal had settled at Rs 73,410 per 10 grams on Monday.

However, silver prices jumped by Rs 180 to Rs 94,450 per kg from Rs 94,270 per kg in the previous session.

"Gold prices traded lower ahead of the Fed member speech and US inflation data. The silver prices at domestic as well as global front traded higher tracking strong base metal and risk-on moods," Dilip Parmar, Research Analyst at HDFC Securities, said.

Silver prices are expected to outperform the yellow metal in the near future, Parmar added.

On the overseas front, spot gold at Comex traded at USD 2,362 per ounce, down USD 11 per ounce against the previous close.

"With new government and political development in Iran, the US mentioned about some progress regarding the ceasefire talks on Monday weighing on the metal.

"Any update from Israel or elsewhere will be crucial for further volatility in prices," Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial Services Ltd (MOFSL), said.

Traders will also keep an eye on more cues on US interest rates from testimony by Federal Reserve Chair Jerome Powell and key inflation data due through the week, Modi added.

However, silver was quoted higher at USD 31.03 per ounce. In the previous session, it had ended at USD 30.93 per ounce.

"Gold prices experienced volatility over the last two days, with profit booking triggered after China halted gold purchases for another month," Jateen Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said.

According to Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies at Angel One, gold prices dropped, pressured by a surge in equities and profit-taking after a recent rally driven by speculation of a potential US Federal Reserve rate cut in September.

The yellow metal prices are likely to stay subdued due to profit-taking, strong equities, and anticipation of key Fed statements and inflation data, Mallya added. PTI HG HG MR