Gold slips marginally to Rs 62,270, silver rises by Rs 600/kg

Gold price slips: Gold prices in the national capital fell by Rs 80 to Rs 62,270 per 10 grams on Thursday, following a decline in the global markets, as reported by HDFC Securities.

The precious metal had closed at Rs 62,350 per 10 grams in the previous trading session.

In contrast, silver surged by Rs 600 to Rs 74,600 per kg, compared to its previous closing of Rs 74,000 per kg.

Saumil Gandhi, senior commodities analyst at HDFC Securities, noted, "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 62,270 per 10 grams, down by Rs 80, taking bearish cues from overseas markets."

Spot gold falls

In international markets, spot gold on Comex was trading at $1,993 per ounce, a decrease of $2 from the previous close. Meanwhile, silver was trading higher at $22.50 per ounce, compared to its previous settlement at $21.97 per ounce.

The decline in gold prices comes in the wake of better-than-expected US Consumer Price Index (CPI) data, which led to a reduction in investors' expectations of early interest rate cuts by the Federal Reserve, according to Navneet Damani, senior vice president of commodity research at Motilal Oswal Financial Services.

Gold has been trading below the key $2,000 mark amid these developments.

(with PTI inputs)