Gold prices fall ₹300; silver prices down ₹350

In the previous trade, the yellow metal had ended at ₹59,350 per 10 grams.

Silver also plunged ₹350 to ₹71,250 per kg.

“Gold edged lower on Wednesday, with spot gold prices in the Delhi markets trading at ₹59,050/10 grams down by ₹300 per 10 grams,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

Gold prices slipped to a more than three-month low on Wednesday after upbeat U.S. economic data cemented expectations of more rate hikes this year as investors positioned for a speech by Federal Reserve Chair Jerome Powell’s later in the day.

Spot gold fell 0.3% to $1,908.33 per ounce by 0946 GMT, hitting its lowest since mid-March earlier in the session. US gold futures shed 0.3% to $1,917.40.

US consumer confidence increased in June to the highest level in nearly 1-1/2 years amid renewed labor market optimism, while business spending appeared to hold up in May, indicating the economy remained on a solid footing despite fears of a recession.

The dollar index inched up 0.1%, making gold less attractive for overseas buyers.

Among other metals, spot silver fell 0.6% to $22.74 per ounce, platinum shed 0.8% to $917.30, and palladium dropped 2.5% to $1,263.98.

Updated: 28 Jun 2023, 05:30 PM IST