Gold tumbles Rs 650; silver nosedives Rs 1,800

Gold price tumbled by Rs 650 to Rs 57,550 per 10 grams in the national capital on Tuesday amid weak global cues, according to HDFC Securities. In the previous trade, the precious metal had ended at Rs 58,200 per 10 grams.

Silver also nosedived Rs 1,800 to Rs 71,500 per kilogramme.

Gold and silver prices slipped on Comex in the previous session as the domestic market was shut on Monday, Navneet Damani, senior vice-president of commodity research at Motilal Oswal Financial Services, said.
In the overseas markets, both gold and silver were trading lower at USD 1,825 per ounce and USD 21.10 per ounce, respectively. The Treasury bond yields have reached a new multi-decade high on the back of the US Federal Reserve’s narrative in the past few week, that the interest rates would remain higher for longer, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

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This article was originally published by Indiatimes.com. Read the original article here.