New Delhi: Silver prices declined by Rs 7,500 or nearly 3 per cent to Rs 2.64 lakh per kg in the national capital on Tuesday, while gold prices appreciated by Rs 2,200 per 10 grams amid a firm US dollar.
According to the All India Sarafa Association, the white metal dropped Rs 7,500 to Rs 2,64,500 per kg (inclusive of all taxes) from Monday’s closing of Rs 2,72,000 per kg.
On the other hand, gold of 99.9 per cent purity appreciated by Rs 2,200, or 1.4 per cent, to Rs 1,60,700 per 10 grams (inclusive of all taxes). It had settled at Rs 1,58,500 per 10 grams in the previous market session.
Traders said gold extended its gains for the second consecutive session amid sustained buying by the jewellers and investors.
“Gold traded with modest gains on Tuesday while traders were awaiting fresh macroeconomic cues,” Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.
He added that gold and silver prices fluctuate within a broader range as markets move into a consolidation phase in the near term.
In the international market, spot silver fell by USD 1.13, or 1.37 per cent, to USD 82.16 per ounce, while gold is trading marginally lower at USD 5,052.43 per ounce.
“Market participants are awaiting key US retail sales data, followed by unemployment and nonfarm payroll numbers later in the week,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, said.
He noted that these data releases are likely to inject volatility, as they will shape expectations around the Federal Reserve’s policy stance and influence near-term price direction in bullion.
