Gold prices witnessed a slight decline of Rs 50, settling at Rs 63,150 per 10 grams in the national capital on Wednesday, as reported by HDFC Securities. The previous close saw the precious metal at Rs 63,200 per 10 grams. Concurrently, silver also experienced a decrease, sliding by Rs 450 to reach Rs 76,300 per kilogram.
Providing insights, Saumil Gandhi, senior commodities analyst at HDFC Securities, mentioned, "Gold traded slightly lower on Wednesday, with spot gold prices (24 carats) in the Delhi markets trading at Rs 63,150/10 grams, down Rs 50 against the previous close."
In the futures market on the MCX, the February contract for gold exhibited a rise of Rs 86, reaching Rs 62,265 per 10 grams. Simultaneously, the March contract for silver saw an increase of Rs 243, reaching Rs 72,290 per kg on the exchange.
On the international front, both gold and silver experienced declines, standing at USD 2,030 per ounce and USD 23.04 per ounce, respectively. The Comex reported spot gold trading at USD 2,030 per ounce, down USD 1 from the previous close in global markets.
The gold market displayed restrained movement, with investors closely monitoring the upcoming US Inflation report scheduled for Thursday. This report holds significance as it could impact the Federal Reserve's decisions regarding the monetary policy interest rate path, as highlighted by Gandhi.
(With Agency Inputs)
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