Gold prices increased by Rs 70 to touch Rs 72,550 per 10 grams in the domestic market on Tuesday, following strong global patterns, according to HDFC Securities Ltd. On Monday, the yellow metal had closed at Rs 72,480.
Gold traded in a narrow range under gloomy market sentiment, Saumil Gandhi, research analyst at HDFC Securities, said.
"Traders' focus is turning to macroeconomic data due at the end of this week, including US GDP and the Federal Reserve's preferred gauge of consumer inflation, which could offer clues on when the central bank will pivot to monetary policy easing," he said.
In the global markets, spot gold at the Comex was trading at $2,324 per ounce, up $6 from the previous close.
However, in the local futures market, gold prices declined. On the Multi Commodity Exchange, gold contracts for August delivery traded lower by Rs 165, or 0.23%, at Rs 71,626 per 10 grams in a business turnover of 2,689 lots as speculators reduced their positions.
Meanwhile, prices of silver plunged by Rs 400 to Rs 91,500 per kg. The metal was down at $29.40 per ounce on the Comex.
(With inputs from PTI)
Also Read: SEBI Unveils New Rules For Gold Trading
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