Gold falls Rs 450 to Rs 73,600 per 10 grams; silver plummets Rs 1,650

Gold prices Gold prices fell Rs 450 to Rs 73,600 per 10 gram in the national capital on Wednesday, extending losses for the third consecutive session amid a fall in precious metals rates In overseas markets, the 99.9 per cent pure yellow metal had closed at Rs 74,050 per 10 grams in the previous session.

Silver prices It also plummeted Rs 1,650 to Rs 83,600 per kilogram from Rs 85,250 per kilogram at the previous close, according to the All India Sarafa Association.

Meanwhile, gold with 99.5 per cent purity also fell by Rs 450 to Rs 73,250 per 10 grams.

Domestically, traders said weaker demand from jewelers and retail buyers, as well as global influences, led to the drop in gold prices.

In it international marketsGold on Comex was trading 0.13 per cent lower at $2,519.80 an ounce. “Gold fell in the European trading hours on Wednesday after the release of disappointing US manufacturing data on Tuesday triggered a global sell-off across financial asset classes, which has left the market mood gloomy,” said Saumil Gandhi, Senior Commodity Analyst at HDFC Securities. According to Kaynat Chainwala, Executive Vice President, Commodity Research at Kotak Securities, gold on Comex fell on the back of strong dollar, profit-taking and position adjustments ahead of a significant week of US economic data Gold is currently trading within a tight range as traders cautiously await U.S. jobs data due on Friday for fresh insights on the Federal Reserve’s possible path forward on rate cuts, Chainwala said.

Silver, however, was trading slightly higher at $28.40 an ounce globally.

“The current geopolitical risks and impending interest rate cuts by the US Federal Reserve (Fed) supported the yellow metal only to a certain extent,” said Maneesh Sharma, executive vice president, commodities and currencies, Anand Rathi Shares and Stock Brokers.

Traders will closely watch the US job openings data and the Fed Beige Book due later on Wednesday as they will provide further insight into the direction of bullion prices, Sharma added.

The Federal Reserve’s summary of commentaries on current economic conditions is commonly known as the Beige Book. This report is published eight times a year.

According to Prathamesh Mallya, vice president of non-agricultural commodities and currencies research at Angel One, despite the recent drop, gold is on track for its best year since 2020, boosted by expectations of US rate cuts and continued geopolitical concerns in the Middle East.