Gold Plunges Rs 574, Silver Plummets Rs 2,113 Amid Weak Global Trends

New Delhi, Feb 6: Gold prices plunged by Rs 574 to Rs 57,155 per 10 grams in the national capital on Monday amid weak global trends, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 57,729 per 10 grams.
Silver plummeted by Rs 2,113 to Rs 68,133 per kg.
“Spot gold prices in the Delhi markets traded at Rs 57,155 per 10 grams, down Rs 574 per 10 grams,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.
In the overseas market, both gold and silver were trading lower at USD 1,875 per ounce and USD 22.48 per ounce, respectively.
“We expect volatility will continue in precious metals with negative bias after short term trend reversal in gold prices last week, with Comex gold having support at USD 1,856 to USD 1,833 per ounce,” Gandhi said.
“In the last Fed policy meeting, a 25 basis points rate hike was announced with a less hawkish tone. However, US job market data and comments from Fed officials scheduled this week will be very important to watch for.
“Focus this week will also be on the RBI’s monetary policy committee meeting and US Fed Governor Jerome Powell’s speech,” Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services said. (Agencies)