Gold price rises to ₹295; silver declines by ₹63

The gold price rose ₹295 to ₹57,217 per 10 grams in the national capital on Tuesday amid gains in the precious metal globally, according to HDFC Securities.
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Gold price rose ₹295 to ₹57,217 per 10 grams in the national capital on Tuesday amid gains in the precious metal globally, according to HDFC Securities.

The yellow metal had ended at ₹56,922 per 10 grams in the previous trade.

Silver, however, declined ₹63 to ₹68,779 per kilogram.

“Spot gold prices in the Delhi markets traded at ₹57,217 per 10 grams, up ₹295 per 10 grams,” said an analyst at HDFC Securities.

In the overseas market, gold was quoting higher at $1,938 per ounce while silver was down at $23.64 per ounce.

Comex spot gold price is trading higher by 0.36% at $1,938 per ounce against its previous close, the analyst said.

“Gold prices reversed course to edge up as the dollar pared gains, while investors looked ahead to more US economic data amid expectations of a slower pace of interest rate hikes,” Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services, said.

Investors will be scanning the US Q4 GDP report and US Core PCE price index data later this week, before the US Fed policy meeting on Jan 31-Feb 1. Focus today will be on the preliminary manufacturing and service PMI data from major economies, Damani said.