Gold Drops to Rs 72,820 per 10 grams, Silver Plunges Rs 1,200

NEW DELHI: Gold prices slipped Rs 80 to Rs 72,820 per 10 grams in the national capital on Wednesday in line with weak trends globally, according to HDFC Securities.

The precious metal had closed at Rs 72,900 per 10 grams in the previous session.

Silver prices also plunged Rs 1,200 to Rs 91,900 per kg. In the previous session, it had settled at Rs 93,100 per kg.

In the international markets, spot gold at Comex was trading at USD 2,332 per ounce, down USD 3 from the previous close.

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“Gold prices dropped due to a firm US dollar and technical selling pressure, even though there were indications of a weakening US labour market.

“This has further strengthened the expectations that the US Federal Reserve will lower interest rates soon,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In addition, silver also dropped to USD 29.75 per ounce.

Moving forward, traders will focus on macroeconomic data, including ADP non-farm employment and ISM non-manufacturing PMI data, which will be released later on Wednesday, Gandhi added.

According to Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, nonfarm payroll and unemployment data are also due later this week.

“…the primary focus remains on the US Federal Reserve’s policy decision on June 12th which will further provide more direction on the bullion prices,” Trivedi said.source Kashmir life

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