In the previous trade, the yellow metal had closed at ₹50,999 per 10 grams.
In the previous trade, the yellow metal had closed at ₹50,999 per 10 grams.
According to HDFC Securities, gold prices fell by Rs 402 to Rs 50,597 per 10 grams in the national capital on Thursday amid weak global trends.
In the previous trade, the yellow metal had closed at ₹50,999 per 10 grams.
Silver also fell by ₹ 1,244 to ₹ 58,111 per kg.
Navneet Damani, senior vice-president of commodity research at Motilal Oswal Financial Services, said: “Gold has bottomed out by Federal Reserve Chairman Jerome Powell’s remarks that it is too early to discuss a price hike, as an initial reaction to a price drop. There was an increase of more than %.”
In the international market, gold was trading in red at $ 1,628.7 an ounce while silver was trading at $ 19.15 an ounce.
Dilip Parmar, Research Analyst, HDFC Securities, said: “Federal Reserve Chair Powell indicated that the central bank would start implementing smaller rate hikes, although Comex gold declined, although monetary policy should be tweaked to control inflation. Will need to be tightened more than before.”