Gold slumps INR 300; silver slips INR 200
NEW DELHI — Gold prices slumped INR 300 to INR 62,750 per 10 grams in the national capital on Thursday amid a decline in precious metal prices globally, according to HDFC Securities.
In the previous trade, the yellow metal finished at INR 63,050 per 10 grams.
Silver also slipped INR 200 to INR 75,600 per kilogram, while it had closed at INR 75,800 per kg in the previous close.
In the international markets, gold and silver were trading lower at USD 2,010 per ounce and USD 22.57 per ounce, respectively.
Gold extended its losses on Thursday amid upbeat US retail sales data, which indicates that the American economy remains robust and reduces the possibility of an interest rate cut by the Federal Reserve, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.