Gold declines by Rs 305 on muted global cues

NEW DELHI: Gold in the national capital on Tuesday fell by Rs 305 to Rs 46,756 per 10 gram in line with a fall in international precious metal prices and rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 47,061 per 10 gram.

Silver also dipped Rs 113 to Rs 67,810 per kilogram from Rs 67,923 per kilogram in the previous trade.

The rupee advanced by 23 paise to 74.64 against the US dollar in opening trade on Tuesday.

In the global market, gold was quoting lower at $1,768 per ounce and silver was flat at $25.90 per ounce.

“Gold prices traded under pressure after US bond yields recovered from the recent lows. The yellow metal witnessed selling with rising in US bond yields while prices were $10 away from touching $1,800 levels,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said, “Gold came $10 short from touching $1,800 level in yesterday’s session as the rebound in US bond yields overpowered the support from sagging dollar.”

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