In New Delhi on Wednesday, gold prices experienced a decline of Rs 300, settling at Rs 59,600 per 10 grams. This drop was attributed to weak global cues, as reported by HDFC Securities. During the preceding trading session, the precious metal had concluded at Rs 59,900 per 10 grams.
Likewise, the price of silver also witnessed a decrease, slipping by Rs 400 to reach Rs 74,100 per kilogram.
On the global stage, both gold and silver were trading at lower rates, with gold priced at USD 1,897 per ounce and silver at USD 22.80 per ounce.
The surge in the value of the US dollar to a new 10-month high can be attributed to the hawkish signal emanating from the US Federal Reserve. This signal indicated that interest rates would remain at elevated levels for an extended duration. Saumil Gandhi, a senior commodities analyst at HDFC Securities, noted this significant development