Gold prices decline by `70, silver slips `250

New Delhi: Gold prices fell Rs 70 to Rs 72,080 per 10 grams in the national capital on Friday in line with global trends, according to HDFC Securities.

The precious metal had ended at Rs 72,150 per 10 grams in the previous session.

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 $2,310 per ounce, down $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.

Silver was also quoting lower at $29.05 per ounce. In the previous session, it settled at $29.30 per ounce.

“Retail gold demand from Asian countries is expected to remain robust this year amid geopolitical uncertainties,” experts said.