New Delhi: Gold price fell by Rs 150 to Rs 1,00,560 per 10 grams in the national capital Thursday amid a fall in precious metal rates in international markets, according to the All India Sarafa Association.
The precious metal of 99.9 per cent purity had closed at Rs 1,00,710 per 10 grams in the previous market session.
Gold of 99.5 per cent purity slipped by Rs 150 to Rs 99,800 per 10 grams (inclusive of all taxes) Thursday. The yellow metal had settled at Rs 99,950 per 10 grams Wednesday.
In addition, silver retreated from the record level, depreciating by Rs 1,000 to Rs 1,07,200 per kilogram (inclusive of all taxes). The white metal had rallied to hit a lifetime high of Rs 1,08,200 per kg Wednesday.
Meanwhile, spot gold slipped marginally lower at $3,365.90 per ounce in the global markets.
“Gold prices slipped below $3,390 per ounce as the US dollar held firm following the Federal Reserve’s decision to keep interest rates unchanged at 4.25–4.50 per cent,” Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, said.
Wednesday, the Federal Reserve kept interest rates unchanged as anticipated and revised its economic projections for the US monetary policy outlook.
US markets and banks are closed Thursday in observance of ‘Juneteenth’.
According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, gold traded in a volatile range as markets reacted to the US Fed’s policy stance, which signalled no immediate interest rate cut and pushed the possibility of easing further by at least six months.
Despite the Fed’s hawkish tone, Trivedi added that ongoing geopolitical tensions between Iran and Israel continue to offer protection for gold.
Spot silver fell 1 per cent to $36.37 per ounce.
PTI
