Home/ Markets / Commodities/  Gold prices down by 350; silver prices tumbles by 660 amid decline in prices globally

Gold prices ended lower on Tuesday by 350 to 60,170 per 10 gram in the national capital on Tuesday amid a decline in the precious metal's prices globally.

The yellow metal had closed at 60,520 per 10 gram in the previous trade.The prices for silver also tumbled 660 to 72,880 per kilogram.

"Spot gold in the Delhi markets traded at 60,170 per 10 gram, down 350 per 10 gram," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

In the overseas market, gold and silver were quoting lower at $1,957 per ounce and $23.32 per ounce, respectively.

Gold prices were down in Asian trading hours on Tuesday as market looked for more clarity around US debt ceiling negotiations.

“Gold price continue to inch lower on the back of stronger Dollar and hawkish comments from U.S. Fed officials which weighed on safe haven assets; while markets looked for more clarity around U.S. debt ceiling negotiations. Minneapolis Fed President Kashkari mentioned that the Fed may be will have to go to the north of 6%, to get inflation back to the Fed’s 2% target, while St. Louis Fed President James Bullard said that more two rate hikes are needed in this year. Biden and House Speaker Kevin McCarthy could not reach an agreement on Monday on how to raise the U.S. government’s $31.4 trillion debt ceiling with just 10 days to the deadline, but pledged to keep talks on," said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services

“Markets await the minutes of the latest U.S. FOMC meeting due tomorrow. Markets are pricing in 80% chance of rates being held steady next month, yet a 20% chance of a 25bps hike, according to CME Fed-Watch tool. Focus today will be on a few housing numbers from the US and preliminary manufacturing and service PMI data from major economies," he added.

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Updated: 23 May 2023, 05:23 PM IST
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