Gold falls Rs 402; silver tumbles Rs 1,244

Gold, gold prices

Gold price in the national capital fell Rs 402 to Rs 50,597 per 10 grams on Thursday, amid weak global trends, according to HDFC Securities.

In the previous trade, the yellow metal had closed at Rs 50,999 per 10 grams. Silver, also, tumbled Rs 1,244 to Rs 58,111 per kilogram.

”Gold inched lower on Federal Reserve Chair Jerome Powell’s remarks that it was premature to discuss pausing rate hikes, after prices jumped over 1 per cent as an initial reaction,” said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services.

In the international market, gold was trading in red at USD 1,628.7 per ounce while silver was down at USD 19.15 per ounce.

”COMEX gold declined after Federal Reserve Chair Powell signalled the central bank would start implementing smaller rate hikes, although monetary policy would need to be tightened more than previously anticipated to control inflation,” said Dilip Parmar, Research Analyst at HDFC Securities.