The price of gold falls to Rs 303; Silver price rises Rs 27

The price of gold in the nation’s capital fell from Rs 303 to Rs 50,290 per 10 grams on Thursday, according to HDFC Securities.

The price of the precious metal was at Rs 50,593 for 10 grams on Wednesday.

The COMEX gold spot price also fell to $1,689 per ounce from $1,695 per ounce on Wednesday.

The price of silver in the nation’s capital soared from Rs 27 to Rs 57,457 per kilogram. On Wednesday, the price stood at Rs 57,430 per kg.

On Thursday, the COMEX spot price for silver was $19.50 per ounce versus $19.69 per ounce on Wednesday.

“Spot gold prices for 24 karat gold in Delhi fell by 303 rupees per 10 grams in line with falling COMEX gold prices despite the depreciation of the rupee,” Tapan Patel said. , Senior Analyst (Commodities) at HDFC Securities.

The rupee fell 35 paise to close at 79.52 against the US currency on Wednesday.

The price of the yellow metal in the overseas market was trading below USD 1,700 an ounce on growing optimism over an aggressive rate hike by the US Federal Reserve to fight inflation.

“We expect gold prices to trade sideways for the day with COMEX spot gold support at $1,676 and resistance at $1,705 per ounce. October stands at Rs 49,500 and resistance at Rs 50,100 per 10 grams,” he added.