Gold falls Rs 110; silver declines Rs 550

Gold price fell by Rs 110 to Rs 55,550 per 10 gram in the national capital on Tuesday amid a fall in global rates of the precious metal, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 55,660 per 10 gram.

Silver also slumped by Rs 550 to Rs 63,000 per kg.

“Spot gold prices in the Delhi markets traded at Rs 55,550 per 10 gram, down Rs 110 per 10 gram,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.

In the overseas market, both gold and silver were quoting lower at USD 1,808 per ounce and USD 20.47 per ounce, respectively.

“COMEX gold reversed early gains to trade marginally in the red after the US dollar rebounded from early morning weakness in the Asian trading hours on Tuesday.

“However, investors remain away as concerns over rising interest rates and anticipation of key US economic readings this week, which could keep prices range bound,” Sriram Iyer, Senior research analyst at Reliance securities, said.