Gold declines Rs 150; silver tumbles Rs 700

New Delhi, Apr 5 (PTI) After hitting an all-time high, gold price declined Rs 150 to Rs 69,900 per 10 gram in the national capital on Friday amid fall in rates of the precious metal in the global markets, according to HDFC Securities.

The yellow metal had closed at Rs 70,050 per 10 gram in the previous session. Silver tumbled Rs 700 to Rs 81,000 per kg. In the previous trade, it had ended at Rs 81,700 per kg.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 69,900 per 10 gram, down by Rs 150 against the previous close,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In international markets, spot gold at Comex was trading at USD 2,287 per ounce, down USD 10 from the previous close. “The ongoing trend in gold is expected to persist as long as geopolitical tensions in the Middle East and expectations of interest rate cuts remain in focus,” Jateen Trivedi, VP Research Analyst at LKP Securities, said.

Also, silver was quoting lower at USD 26.75 per ounce. In the previous close, it had ended at USD 27.05 per ounce.

“The US nonfarm payroll report (March) to be released on Friday, will be crucial for the yellow metal prices. A robust report will weigh on the metal as it is looking somewhat over-bought in the near term, though prospects remain positive for medium to long term horizons.

“However, geopolitical tensions are resurfacing, which may limit the downside,” Praveen Singh – Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.