Gold prices remained flat at Rs 74,350 per 10 grams in the national capital on Wednesday in scattered deals even as it weakened in the overseas markets.
Silver prices, however, declined Rs 400 to Rs 87,800 per kilogram. It had ended at Rs 88,200 per kg in the previous session on Tuesday.
Meanwhile, gold of 99.5 per cent purity also ruled flat at Rs 74,000 per 10 grams.
Traders attributed the fall in silver price due to poor offtake by industrial units and global influences.
In the international markets, comex gold is trading at USD 2,542.20 per ounce, down USD 10.70 per ounce or 0.42 per cent.
“Gold prices were slightly lower during European trading hours on Wednesday, due to a rebound in the US dollar,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
According to Kaynat Chainwala, AVP-Commodity Research, Kotak Securities, comex gold is trading above USD 2,500 per ounce, supported by the FOMC meeting minutes, which reinforced expectations of a September rate cut.
Rising geopolitical tensions, particularly the escalating Israel-Hezbollah conflict, also bolstered gold prices as a safe-haven asset, Chainwala said.
Silver was also quoting lower at USD 29.93 per ounce in the global markets.
