Gold falls Rs 161; silver tumbles Rs 1,111

New Delhi: Gold prices fell by Rs 161 to Rs 53,235 per 10 grams in the national capital on Thursday amid weak global trends, according to HDFC Securities.

In the previous trade, the precious metal had settled at Rs 53,396 per 10 grams.

Silver also tumbled by Rs 1,111 to Rs 61,958 per kg.

“Gold inched lower, as safe-haven demand from latest geopolitical concerns faded, while hopes that the US Federal Reserve would be less aggressive on rate hikes over coming months underpinned the market,” said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services.

In the international market, gold was trading in red at USD 1,770.5 per ounce while silver was down at USD 21.32 per ounce.

“COMEX gold declined following a surge in US bond yields after better-than-expected economic data. Traders are looking at the Federal Reserve’s reaction to mixed US economic data while the haven demand driving the dollar higher,” said Dilip Parmar, Research Analyst at HDFC Securities. PTI HG.

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