Gold declines Rs 400 to Rs 97,620/10 g; silver tumbles Rs 2,500
The yellow metal of 99.9 per cent purity had closed at Rs 98,020 per 10 grams in the previous market session.
New Delhi, Aug 1 (PTI) Gold prices dipped Rs 400 to Rs 97,620 per 10 grams in the national capital on Friday due to continuous selling by stockists, according to the All India Sarafa Association.
'Gold traded weak, tracking softness in the international markets, which hovered near USD 3,290 per ounce.
'The decline comes amid pressure from the US Federal Reserve's continued hawkish stance and no indication of near-term interest rate cuts, which has dampened sentiment for safe-haven assets,' Jateen Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said.
As per the Sarafa Association, silver prices also extended the losses for the second straight day and tumbled by Rs 2,500 to Rs 1,09,500 per kilogram (inclusive of all taxes) on Friday.
The white metal had ended at Rs 1,12,000 per kg in the previous market close.
On the global front, spot gold went up 0.12 per cent to trade at USD 3,294.31 per ounce.
'Gold continued to trade with a negative bias on the last trading day of the week and is set to close lower on a weekly basis.
'This decline is attributed to an overall decrease in haven demand and a strong recovery in the US dollar, which surged to a nine-week high, gaining more than 2 per cent so far this week,' Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
Spot silver slipped by 0.75 per cent to USD 36.44 per ounce in New York.
According to Manav Modi, Analyst, Precious Metal Research at Motilal Oswal Financial Services, silver prices stayed subdued amidst the fall in industrial metals while market participants remain cautious due to global tariff uncertainties.
'The US central bank held interest rates steady in the 4.25-4.50 per cent range, and Chair Jerome Powell's comments after the decision dampened hopes for a September interest rate cut,' Modi said.
Market participants will focus towards US non-farm payroll data later in the day and any update regarding tariffs, he added. PTI HG HVA
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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