Gold falls Rs 196; silver sheds Rs 724

Gold prices in the national capital declined Rs 196 to reach Rs 50,702 per 10 grams on Tuesday, taking cues from weak global prices, according to Securities. The yellow metal had settled at Rs 50,898 per 10 grams on Monday.

Similarly, the COMEX spot price of gold marginally fell to USD 1,643.2 per ounce compared to USD 1,649.3 per ounce on Monday.

“The COMEX Gold prices traded lower following risk-off sentiments. Domestic gold prices, taking cues from weak global prices, traded lower,” Dilip Parmar, Research Analyst at HDFC Securities, said.

In the national capital, silver prices also witnessed a decline of Rs 724 to settle at Rs 57,501 per kilogram on Tuesday. In the previous trade, it had closed at Rs 58,225 per kg.

On Tuesday, the COMEX spot price of silver was USD 18.96 per ounce against USD 19.21 per ounce on Monday.

“COMEX Gold price has support at USD 1,615 per ounce and resistance at USD 1,690 per ounce. Near term outlook for bullion remains bearish,” he added.

The rupee appreciated 7 paise to close at 82.81 (provisional) against the US dollar on Tuesday.