New Delhi, PTI. On Tuesday, the prices of gold saw a decline not only in the country but also abroad. According to HDFC Securities, gold prices declined by Rs 24 per 10 grams and came down to Rs 50,686 per 10 grams in the national capital, according to HDFC Securities. It had closed at Rs 50,710 per 10 grams in the last trading session i.e. on Monday. On the other hand, silver prices saw a slight rise on Tuesday. It rose by Rs 13 to Rs 60,609 per kg. Silver had closed at Rs 60,596 per kg in the previous session.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Gold prices witnessed a weak spot in the spot market. Gold was being traded at $1,837 an ounce on the commodity exchanges. Gold prices were seen trading in a range due to mixed global cues like interest rate hike by US Federal Reserve and dollar movement.
According to a Reuters report, the weakness in the dollar made gold attractive for buyers in the international market, but the 10-year Treasury yield registered an increase. Investors’ interest in gold has increased due to rising interest rates in the US and rising bond yields.
Central banks around the world are aggressively raising interest rates to control inflation. Reserve Bank of Australia Governor Philip Lowe has hinted at further hike in interest rates and said inflation could reach 7 per cent by the end of this year. Another thing on the minds of investors is that the comments of the policy makers of the US Federal Reserve are yet to come. Also, a statement is yet to come from the Bank of England.
Credit: www.jagran.com /