New Delhi:
Amid weak global trend, the price of gold in the national capital fell by Rs 80 on Tuesday to Rs 80,580 per 10 grams. Due to this, the rising trend of gold which had been going on for five days came to an end. On Monday, the price of gold closed at Rs 80,660 per 10 grams.
On Tuesday, silver also fell by Rs 1,300 to Rs 91,700 per kg due to weak demand from industrial units and coin makers. In the last session, silver had closed at Rs 93,000 per kg.
The price of gold of 99.5 percent purity fell by Rs 80 to Rs 80,180 per 10 grams, which had earlier closed at Rs 80,260 per 10 grams.
Jatin Trivedi, Vice President Research Analyst (Commodity & Currency), LKP Securities, said, “MCX gold was trading in a tight range due to fluctuations between Rs 78,150-78,400. In contrast, Comex gold showed marginal weakness and It was around $2,665.”
“Gold prices declined on Tuesday, driven by rising US bond yields and rise in the US dollar,” said Saumil Gandhi, senior analyst – commodities, HDFC Securities.
The Federal Reserve (Fed) may cut interest rates less this year, as last week’s strong job market report supported the rise in US bond yields and the US dollar. The yield on 10-year US bonds reached its highest level in 14 months on Monday.
However, silver remained stable at $ 30.32 an ounce in the Asian market.