Gold falls ₹52; silver declines ₹850

Image used for representational purpose.
| Photo Credit: Reuters

Gold prices fell by ₹52 to ₹56,475 per 10 grams in the National Capital on January 19 amid weak global trends, according to HDFC Securities.

The precious metal closed at ₹56,527 per 10 grams in the previous trade.

Silver also tumbled ₹850 to ₹68,500 per kg.

“Spot gold prices in the Delhi markets traded at ₹56,475 per 10 grams, down ₹52 per 10 grams,” said an analyst at HDFC Securities.

In the overseas market, gold was quoting lower at $1,901 per ounce while silver was up at $24.23 per ounce.

“BOJ policy meet yesterday disappointed the market expectations, as the central bank kept it’s policy unchanged and also with no changes in its YCC or interest rates weighing on the safe haven assets,” said Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services.

Market participants will keep their eyes on the U.S. housing data, Philly fed manufacturing index and comments from fed officials, Mr. Damani said.