Gold edges lower; silver tumbles by Rs 1,094

Gold edges lower; silver tumbles by Rs 1,094

New Delhi: Gold in the national capital on Wednesday dipped marginally by Rs 61 to Rs 46,607 per 10 gram, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 46,668 per 10 gram.

Silver also tumbled Rs 1,094 to Rs 64,779 per kilogram from Rs 65,873 per kilogram in the previous trade.

“Spot gold prices for 24-carat gold at Delhi were down by Rs 61 reflecting overnight fall in COMEX gold prices and rupee appreciation,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

The Indian rupee opened on a flat note and inched 4 paise higher to 74.43 against the US dollar in early trade on Wednesday.

In the international market, gold was trading with marginal gains at $1,800 per ounce and silver was flat at $24.76 per ounce.

“Gold prices fluctuated ahead of outcome from the US FOMC meeting,” he added.

Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said, “Gold continues to trade steady hovering near the $1,800 level amidst volatility in US dollar and Yields, though gains were limited, as a cautious approach is followed by the investors ahead of a Federal Reserve meeting.”

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