Gold prices in the national capital fell by 402 rupees to 50,597 rupees per 10 grams on Thursday, October 3 amid weak global trends, according to HDFC Securities. In yesterday’s trade’s, the yellow metal had closed at 50,999 rupees per 10 grams. Silver prices, also, tumbled by Rs 1,244, closing at 58,111 rupees per kilogram.
“Gold inched lower on Federal Reserve Chair Jerome Powell's remarks that it was premature to discuss pausing rate hikes, after prices jumped over 1% as an initial reaction,” said Navneet Damani, Senior VP - Commodity Research at Motilal Oswal Financial Services.
In the international market, gold was trading in red at USD 1,628.7 per ounce (28 grams approximately) while silver was down at USD 19.15 per ounce.
“COMEX gold declined after Federal Reserve Chair Powell signalled the central bank would start implementing smaller rate hikes, although monetary policy would need to be tightened more than previously anticipated to control inflation,” said Dilip Parmar, Research Analyst at HDFC Securities.