Gold prices decline in India amid weak global cues

In the international markets, both gold and silver were trading lower at USD 1,950 per ounce and USD 22.45 per ounce, respectively

New Delhi: Gold prices plunged from rupees 400 to rupees 60,950 per 10 grams in the national capital on Thursday amid weak global cues, according to HDFC Securities.

In the previous trade, the precious metal had settled at rupees 61,350 per 10 grams. “Gold extended their fall on Thursday, with spot gold prices in the Delhi markets trading at rupees 60,950/10 gram, down rupees 400 following bearish trade in the overseas markets,” HDFC Securities Senior Analyst of Commodities Saumil Gandhi said.

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Silver also declined from rupees 300 to rupees 73,300 per kilogram. In the international markets, both gold and silver were trading lower at USD 1,950 per ounce and USD 22.45 per ounce, respectively.

Traders are now looking for more cues from US macro data and Federal Reserve Chair Jerome Powell’s speech at the International Monetary Fund (IMF) which is due later on Thursday, Gandhi said.