Gold slumps by Rs 450 to Rs 73,600 per 10 grams; silver plummets by Rs 1,650
Meanwhile, gold of 99.5 per cent purity also plunged by Rs 450 to Rs 73,700 per 10 grams.
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Gold prices slumped by Rs 450 to Rs 73,600 per 10 grams in the national capital on Wednesday, extending losses for the third straight session amid decline in precious metal rates in the overseas markets.
In the previous session, the yellow metal of 99.9 per cent purity had closed at Rs 74,050 per 10 grams.
Silver prices also plummeted by Rs 1,650 to Rs 83,600 per kilogram from Rs 85,250 per kg in the previous close, according to the All India Sarafa Association.
Meanwhile, gold of 99.5 per cent purity also plunged by Rs 450 to Rs 73,700 per 10 grams.
Domestically, traders said reduced demand from jewellers and retail buyers as well as global influences led to the fall in gold prices.
In the international markets, Comex gold was trading 0.13 per cent lower at USD 2,519.80 per ounce.
"Gold fell in the European trading hours on Wednesday after the release of disappointing US manufacturing data on Tuesday which triggered a worldwide sell-off in all financial asset classes, which has left the market mood gloomy," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, Comex gold slipped owing to strength in dollar, profit-taking and position adjustments ahead of a significant week of US economic data releases.
The bullion is currently trading within a narrow range as traders wait cautiously for US jobs data due on Friday for fresh insights into the Federal Reserve's potential path forward for rate cuts, Chainwala said.
However, silver was quoting marginally higher at USD 28.40 per ounce globally.
"The ongoing geopolitical risks and imminent US Federal Reserve (Fed) interest rate cuts underpinned the yellow metal only to some extent," Maneesh Sharma, AVP - Commodities & Currencies, Anand Rathi Shares and Stock Brokers, said.
US job openings data and Fed Beige Book to be released later on Wednesday will be closely watched by the traders as it will provide more insights on the direction of bullion prices, Sharma added.
Summary of commentary on Current Economic Conditions by Federal Reserve is commonly known as the Beige Book. This report is published eight times in a year.
According to Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies at Angel One, despite the recent dip, gold is on track for its best year since 2020, bolstered by expectations of US rate cuts and ongoing geopolitical concerns in the Middle East.
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Written By: PTI
Updated: Wed, Sep 04, 2024
06:18 PM IST
06:18 PM IST
PTI
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