Gold Falls To Rs 72,500 Tracking Global Cues, Silver Up Rs 350
Gold contracts for June delivery traded higher Rs 40 or 0.06% at Rs 71,090 per 10 grams.
Gold price on Thursday slipped Rs 110 to Rs 72,500 per 10 grams in the national capital amid a decline in the precious metal rates globally, according to HDFC Securities. In the previous session, the yellow metal had ended at Rs 72,610 per 10 grams.
However, silver prices bounced Rs 350 to Rs 84,100 per kg. It had closed at Rs 83,750 per kg in the previous close.
'Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,500 per 10 grams, down by Rs 110 against the previous close,' Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
On the Multi Commodity Exchange, gold contracts for June delivery traded higher Rs 40 or 0.06% at Rs 71,090 per 10 grams in a business turnover of 19,372 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said.
In the international markets, spot gold at Comex was trading at $2,319 per ounce, down $3 from the previous close. Gold futures remained stable at $2,338.30 per ounce in New York.
Gold saw a slight decline on Thursday as the overall appeal of the precious metal remained low due to a reduced safe-haven premium caused by easing tensions in the Middle East, Gandhi said.
However, silver was marginally up at $27.20 per ounce. In the previous session, it had closed at $27.10 per ounce.
Traders will refrain from taking any fresh position on the yellow metal ahead of the upcoming macro data from the US, including weekly unemployment claims, and US first-quarter GDP estimates due later on Thursday, Chintan Mehta, Chief Executive Officer at Abans Holdings, said.
LKP Securities' VP Research Analyst -- Commodity and Currency, Jateen Trivedi, said market sentiment remains optimistic, with focus on the upcoming US Personal Consumption Expenditures (PCE) Price Index data scheduled to be released on Friday.