NEW DELHI, Nov 18: Gold prices in the national capital plunged by Rs 3,900 to Rs 1,25,800 per 10 grams on Tuesday, tracking a decline in global rates amid fading expectations of a US Federal Reserve interest rate cut next month.
The precious metal of 99.5% purity fell to Rs 1,25,200 per 10 grams, inclusive of taxes, according to the All India Sarafa Association. Silver also weakened, dropping Rs 7,800 to Rs 1,56,000 per kilogram.
Analysts attributed the selloff to waning hopes of a Fed rate cut, citing the absence of recent US economic data and hawkish comments from Fed officials.
In international markets, spot gold extended losses for a fourth consecutive session, slipping to USD 4,042.32 per ounce, down USD 152.82 or 3.64% since November 12. Spot silver, however, rose 0.57% to USD 50.49 per ounce.
Investors are closely watching the Fed’s upcoming meeting minutes and US jobs data for signals on future interest rate moves, which could influence precious metal prices. (PTI)
