Gold slips Rs 110; silver jumps Rs 350

New Delhi, Apr 25 (PTI) Gold price on Thursday slipped Rs 110 to Rs 72,500 per 10 grams in the national capital amid a decline in the precious metal rates globally, according to HDFC Securities.

In the previous session, the yellow metal had ended at Rs 72,610 per 10 grams.

However, silver prices bounced Rs 350 to Rs 84,100 per kg. It had closed at Rs 83,750 per kg in the previous close.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 72,500 per 10 grams, down by Rs 110 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 2,319 per ounce, down USD 3 from the previous close.

Gold saw a slight decline on Thursday as the overall appeal of the precious metal remained low due to a reduced safe-haven premium caused by easing tensions in the Middle East, Gandhi said.

However, silver was marginally up at USD 27.20 per ounce. In the previous session, it had closed at USD 27.10 per ounce.

Traders will refrain from taking any fresh position on the yellow metal ahead of the upcoming macro data from the US, including weekly unemployment claims, and US first-quarter GDP estimates due later on Thursday, Chintan Mehta, Chief Executive Officer at Abans Holdings, said.

LKP Securities’ VP Research Analyst — Commodity and Currency, Jateen Trivedi, said market sentiment remains optimistic, with focus on the upcoming US Personal Consumption Expenditures (PCE) Price Index data scheduled to be released on Friday.