Gold falls Rs 303; silver rises Rs 27

New Delhi: Gold price in the national capital fell Rs 303 to Rs 50,290 per 10 grams on Thursday, according to HDFC Securities.
The price of the precious metal was at Rs 50,593 per 10 grams on Wednesday.
The COMEX spot price of gold also declined to USD 1,689 per ounce compared to USD 1,695 per ounce on Wednesday.
Silver price in the national capital climbed Rs 27 to Rs 57,457 per kilogram. On Wednesday, the price stood at Rs 57,430 per kg.
On Thursday, the COMEX spot price of silver was USD 19.50 per ounce as against USD 19.69 per ounce on Wednesday.
“Spot gold prices for 24-carat gold at Delhi were down by Rs 303 per 10 grams in line with fall in COMEX gold prices despite of rupee depreciation,” Tapan Patel, Senior Analyst (Commodities) at HDFC Securities, said.
The rupee declined 35 paise to close at 79.52 against the US currency on Wednesday.
The yellow metal price in the overseas market was trading below USD 1,700 per ounce on growing optimism over aggressive rate hike from the US Federal Reserve to tackle inflation.

“We expect gold prices to trade sideways to down for the day with COMEX spot gold support at USD 1,676 and resistance at USD 1,705 per ounce. MCX Gold October support lies at Rs 49,500 and resistance at Rs 50,100 per 10 grams,” he added.

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