Gold slips Rs 250; silver slumps Rs 400

New Delhi, Jan 8 (PTI) Gold prices slipped Rs 250 to Rs 63,200 per 10 grams in the national capital on Monday amid a decline in precious metal prices internationally, according to HDFC Securities.

The precious metal had settled at Rs 63,450 per 10 grams in the previous close.

Silver also slumped Rs 400 to Rs 76,300 per kilogram. In the previous trade, silver closed at Rs 76,700 per kg.

In the futures trade on the MCX, the February contract of gold plunged Rs 355 to Rs 62,202 per 10 grams. Also, the March contract of silver tumbled Rs 415 to Rs 72,172 per kg on the bourse.

In the overseas markets, both gold and silver were trading lower at USD 2,029 per ounce and USD 22.95 per ounce, respectively.

“Following strong US labour market data which stoked investor anticipation that the Federal Reserve might delay interest rate cuts led to a decline in gold prices,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

Spot gold at Comex was trading at USD 2,029 per ounce, down by USD 16 from the previous close in the international markets.

“Focus this week will be on the US Consumer Price Index (CPI) and Producer Price Index (PPI) data which could provide further clarity on the Fed’s monetary policy interest rate path ahead,” Navneet Damani, Senior VP of commodity research at Motilal Oswal Financial Services, said.