Gold Shines While Silver Dips: Market Update

Gold prices in the national capital increased by Rs 150 to Rs 71,950 per 10 grams on Tuesday, following strong trends in international markets. Conversely, silver prices plummeted by Rs 1,400 to Rs 90,700 per kg. This market shift occurs as traders await the US Federal Reserve's meeting outcome and inflation data.

Gold prices in the national capital saw a rise of Rs 150, reaching Rs 71,950 per 10 grams on Tuesday, as per HDFC Securities. This increase aligns with positive trends in the international markets.

On Monday, gold had closed at Rs 71,800 per 10 grams. However, silver prices took a downturn, plummeting by Rs 1,400 to settle at Rs 90,700 per kg, a significant drop from the previous session's close of Rs 92,100 per kg.

Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, reported, 'In the Delhi markets, spot gold prices (24 carats) are trading at Rs 71,950 per 10 grams, up by Rs 150 from the previous close.'

Globally, spot gold on Comex was trading at USD 2,303 per ounce, experiencing an increase of USD 10 from the previous close. Gold's rise on Tuesday is attributed to traders covering their shorts ahead of the US Federal Reserve's meeting outcome and US inflation data, which may provide insights into the timing of interest rate cuts.

'US Treasury yields and the US dollar also fell from their recent highs, supporting the precious metal prices,' Gandhi added.

Conversely, silver was quoted at USD 29.20 per ounce globally, down from USD 29.50 per ounce in the previous session.