Gold and Silver prices slide amid global market weakness

Gold and Silver prices slide: Gold and silver prices continued their downward trend for the second consecutive session in the national capital on Thursday, mirroring subdued sentiments in global markets. According to HDFC Securities, gold prices dipped by Rs 50 to Rs 72,250 per 10 grams in Delhi, compared to the previous session's close of Rs 72,300 per 10 grams. Similarly, silver prices witnessed a decline of Rs 1,500 to reach Rs 83,200 per kg, down from the previous close of Rs 84,700 per kg.

Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, noted, "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,250 per 10 grams, down by Rs 50 against the previous close." Internationally, spot gold at Comex traded at $ 2,308 per ounce, marking a decrease of $2 from the previous session's close. Gandhi attributed gold's narrow fluctuation, above USD 2,300 an ounce, to investor interest in fresh cues regarding US inflation and the Federal Reserve's monetary policy stance.

Conversely, silver registered a slight uptick, trading at $27.50 per ounce compared to the previous close of $27.15 per ounce. Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, highlighted that traders are closely monitoring the release of weekly job data, expected later on Thursday, for insights into the trajectory of gold prices.

The dip in gold and silver prices reflects the cautious sentiment prevailing in both domestic and international markets amid uncertainties surrounding US economic indicators and monetary policy decisions. Investors await further clarity on these factors to navigate the trajectory of precious metal prices in the near term.

(with PTI inputs)