21:47
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Gold prices fell by Rs 1,000 to more than a month's low of Rs 1,54,400 per 10 grams in the national capital on Tuesday amid weak global trends and a strong US dollar.
The precious metal previously traded around these levels on August 7, when it stood at Rs 1.54 lakh per 10 grams in the local market.
Silver pries, however, remained unchanged for the second consecutive day at Rs 2,34,600 per kilogram (inclusive of all taxes), according to local traders.
"Gold edged lower on Tuesday amid weak global cues, with spot gold slipping below USD 4,300 an ounce and trading near a one-month low," said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.
The decline was driven by a stronger US dollar and rising Treasury yields as elevated crude oil prices heightened inflation concerns and reinforced expectations of a Fed rate hike at this week's policy meeting, Gandhi added.
According to Vedika Narvekar, Research Analyst- Commodities & Currencies, Anand Rathi Share and Stock Brokers Ltd, gold in domestic market is trading at a five-week low and has dropped more than 3 per cent this month. -- PTI
