Silver prices also declined by Rs 250 to Rs 90,700 per kg. It had closed at Rs 90,950 per kg on Thursday.
“In Delhi markets, spot gold prices (24 carats) are trading at Rs 72,080 per 10 grams, down by Rs 70 from the previous close,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
In the international markets, spot gold at Comex was trading at USD 2,310 per ounce, down USD 3 from the previous close.
Amid a rise in the US dollar and this week’s hawkish US Federal Reserve stance led to a decline in gold prices on Friday, Gandhi said.
According to experts, the yellow metal prices are currently under pressure due to the US Fed’s aggressive approach towards interest rates. Earlier, the US Central Bank maintained the status quo on interest rates but its commentary is hawkish on rate cuts in 2024 as per its latest decision.
This shift in the Fed’s stance from three rate cuts earlier to just one this year has led to an increase in the greenback and US Treasury yields, thereby impacting gold prices.
Silver was also quoting lower at USD 29.05 per ounce. In the previous session, it settled at USD 29.30 per ounce.
“Retail gold demand from Asian countries is expected to remain robust this year amid geopolitical uncertainties,” experts said. PTI HG HG SHW
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