Gold falls Rs 50; silver nosedives Rs 1,500

New Delhi, May 9 (PTI) Extending the losses for the second straight session, gold and silver prices slumped in the national capital on Thursday in line with weak trends in the global markets.

According to HDFC Securities, gold prices declined Rs 50 to Rs 72,250 per 10 grams in Delhi. It had settled at Rs 72,300 per 10 grams in the previous session.

Silver prices also fell Rs 1,500 to Rs 83,200 per kg. In the previous close, it had ended at Rs 84,700 per kg.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,250 per 10 grams, down by Rs 50 against the previous close,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at USD 2,308 per ounce, lower by USD 2 from the previous close.

Gold fluctuated in a narrow range, above USD 2,300 an ounce, as investors looked for fresh cues about US inflation and the Federal Reserve’s monetary policy interest rate stance, Gandhi said.

However, silver was trading slightly higher at USD 27.50 per ounce. It had ended at USD 27.15 per ounce in the previous close, as per HDFC Securities.

“Traders are expected to take cues from weekly job data due later release on Thursday which will provide more insights on the direction of the yellow metal prices,” Praveen Singh, Associate VP of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.