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Gold drops Rs 130; silver remains flat

Gold drops Rs 130; silver remains flat
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New Delhi, Apr 29 (PTI) Gold prices dropped Rs 130 to Rs 72,750 per 10 grams in the national capital on Monday in line with weak trends in the overseas markets, according to HDFC Securities.

The precious metal had closed at Rs 72,880 per 10 grams in the previous session.

However, silver prices remained flat at Rs 84,500 per kg.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,750 per 10 grams, down by Rs 130 against the previous close,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at USD 2,333

per ounce, down by USD 5 from the previous close.

“Gold traded steady…as expectations of interest rate cuts by the US Federal Reserve faded and as geo-political tensions eased.

“The delay in the interest rate cut has supported the US dollar index and US Treasury yields which weighed down on the yellow metal prices,” Navneet Damani, Senior VP of Commodity Research at Motilal Oswal Financial Services, said.

However, silver was marginally up at USD 27.22 per ounce. In the previous close, it had settled at USD 27.20 per ounce.

“Investors will be awaiting for the US macro data this week, including ADP employment change (April), JOLTs job openings (March), and nonfarm payroll data, which will further provide direction for the bullion prices,” Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.

According to Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services Ltd, “Gold is seen consolidating in a range after an initial negative start, while global equities are trading steady, ahead of the US Federal Reserve’s monetary policy outcome meeting on Wednesday”.

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