Silver also dropped from Rs 379 to Rs 68,418 per kg.
“Spot gold prices in the Delhi markets traded at Rs 56,780 per 10 grams, down from Rs 105 per 10 grams,” an analyst at HDFC Securities said.
In the overseas market, gold and silver were trading in the red at $1,913 per ounce and $23.27 per ounce, respectively.
Comex gold prices traded lower on Tuesday during Asian trading hours as traders unwound their position ahead of the US Federal Open Market Committee (FOMC) meeting scheduled for Feb. said the analyst.
“Market participants are also expecting a 25 basis point rate hike (by the US Fed) this year. However, comments from Governor Jerome Powell regarding inflation and the growth of the economy will be important in to watch.
“A BOE (Bank of England) and ECB (European Central Bank) policy meeting is also scheduled for later this week, where a 50 basis point rate hike is expected from both,” Navneet Damani said. , Senior Vice President – Commodities Research.
Market participants expect a reduction in import duties on gold in the 2023-24 Union budget. “However, we will have to wait for an official announcement on this,” Damani said.
