Gold rate today: Yellow metal drops Rs 600 to Rs 99,020 per 10g; Silver plunges Rs 1,000 amid global cues
The yellow metal of 99.9% purity had closed at Rs 99,620 on Thursday. Gold of 99.5% purity also fell Rs 500 to Rs 98,500 per 10 grams (inclusive of all taxes), down from Rs 99,000 in the previous session, according to PTI.
'Gold prices declined on Friday as the US dollar and Treasury yields moved higher following stronger-than-expected US macroeconomic data. Furthermore, the macro data reduced the expectation of an interest rate cut by the US Federal Reserve, which also negatively impacted gold prices,' said Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities.
Silver also saw a steep decline, slipping Rs 1,000 to Rs 1,04,800 per kg, from Rs 1,05,800 per kg on Thursday.
In the international market, spot gold edged up slightly to $3,334.45 per ounce.
'Gold prices may see fresh movement ahead of the upcoming US Personal Consumption Expenditures (PCE) inflation report. A stronger-than-expected PCE data could revive inflation worries and lift safe-haven demand, while a softer print may boost hopes for interest rate cuts,' said Chintan Mehta, CEO of Abans Financial Services, quoted PTI.
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