Key Takeaways:
- Gold prices fell by Rs50 to Rs72,350 per 10 grams in New Delhi on Tuesday
- Silver prices rose by Rs400 to Rs91,300 per kg in the national capital
- Commodity markets were partially closed on Monday due to Eid ul-Adha
- International spot gold prices at Comex were down to $2,319 per ounce
- Analysts attribute the decline in gold prices to a risk-on attitude in global markets
- Silver prices rose to $29.35 per ounce in the international market
- US macroeconomic data release may impact metal prices later in the day
Gold and Silver Prices Update in New Delhi:
| Metals | Price |
|---|---|
| Gold (10 grams) | Rs72,350 |
| Silver (per kg) | Rs91,300 |
New Delhi: Gold prices in the national capital dropped by Rs50 to Rs72,350 per 10 grams on Tuesday while silver prices surged by Rs400 to Rs91,300 per kg, according to HDFC Securities. The fall in precious metal rates globally and the closure of commodity markets partially on Monday contributed to the decline in gold prices. Analysts also noted a risk-on sentiment in global markets impacting gold prices.
In the international markets, spot gold at Comex was priced at $2,319 per ounce, representing a $2 decline from the previous close. The domestic gold rates were influenced by factors like higher pricing, a stronger rupee, and subdued physical demand, said Dilip Parmar, Senior Research Analyst at HDFC Securities.
On the other hand, silver prices saw an uptick, reaching $29.35 per ounce in the international market. Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, highlighted the upcoming release of major US macroeconomic data and its potential impact on metal prices. Traders are closely monitoring these developments and speeches from Federal Reserve policymakers.
FAQ:
1. Why did gold prices fall in New Delhi?
Gold prices in New Delhi fell due to a combination of factors, including a decline in precious metal rates globally, the closure of commodity markets on Monday, and a risk-on sentiment in global markets.
2. What influenced the rise in silver prices?
Silver prices saw a rise in New Delhi and the international market due to various factors, including market demand, global economic conditions, and investor sentiment towards the metal.
3. How are US macroeconomic data releases impacting metal prices?
US macroeconomic data releases have the potential to impact metal prices as they provide insights into the health of the economy, influencing investor sentiment and market trends for precious metals like gold and silver.
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