Gold falls Rs 100; silver slumps Rs 300 amid weak global cues

New Delhi, May 13: Gold prices fell Rs 100 to Rs 73,150 per 10 grams in the national capital on Monday amid a decline in precious metal rates in the international markets, according to HDFC Securities.
The yellow metal had closed at Rs 73,250 per 10 grams in the previous session.
Silver prices were also slumped Rs 300 to Rs 85,200 per kg. In the previous close, it had settled at Rs 85,500 per kg.
“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 73,150 per 10 grams, down by Rs 100 against the previous close,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
In the global markets, spot gold at Comex was trading at USD 2,347 per ounce, down USD 13 from the previous close.
“Gold resumed trading on a weaker note as traders trimmed their positions ahead of the crucial US inflation report.
“The US producer price index (PPI) is set to be released on Tuesday, followed by the consumer price index (CPI) on Wednesday, which will further provide more insights for the precious metal prices,” Gandhi said.
Silver was also marginally down at USD 28.10 per ounce. It had closed at USD 28.14 per ounce in the previous session.
“Gold prices are seen trading slightly lower today amid profit-booking and weighed by a stronger US dollar, as focus turns on the US inflation data and Fed’s Chair Jerome Powell comments later in the week.
“Currently, markets are pricing in about a 65-67 per cent chance of a rate cut at the US Federal Reserve’s September meeting.
“Any signs of cooling inflation would push those bets higher, but a higher reading would push back interest rate cuts expectation to possibly in November meeting,” Pranav Mer, Vice President of Research (Commodity & Currency) at BlinkX and JM Financial, said. (PTI)