Gold falls Rs 150 to Rs 60,300/10 gm; silver tumbles Rs 1,500

Gold prices fell by Rs 150 to Rs 60,300 per 10 grams in the national capital on Tuesday amid weak global cues, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 60,450 per 10 grams.

Silver also tumbled Rs 1,500 to Rs 75,500 per kilogram.

“Gold declined on Tuesday, with spot gold prices (24 carats) in the Delhi markets trading at Rs 60,300/10 grams, down by Rs 150, following bearish trade in overseas markets,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the international markets, both gold and silver were quoting lower at USD 1,936 per ounce and USD 23.60 per ounce, respectively.

“Gold price traded steady as the US markets were shut on the back of labour day holiday and also as investors awaited more cues on the health of the American economy ahead of the Federal Reserve’s meeting this month,” Navneet Damani, senior vice-president of commodity research at Motilal Oswal Financial Services, said.

Today, the market direction will be influenced by upcoming reports on Services PMI from the European countries, ahead of the US Services PMI due on Wednesday, Chintan Mehta, Chief Executive Officer of Abans Holdings, said.

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