Gold drop by Rs 400; Silver rises by Rs 800

According to the All India Bullion Association, the price of gold in the national capital fell by Rs 400 to Rs 72,750 per 10 grams on Friday.
In the previous session, the precious metal had closed at Rs 73,150 per 10 grams.
Commodity markets were closed on Thursday on the occasion of Independence Day. Silver prices rose by Rs 800 to Rs 84,000 per kg, from Rs 83,200 per kg at the previous close.
Meanwhile, gold of 99.5 percent purity fell by Rs 400 to Rs 72,400 per 10 grams. In the last session it had closed at Rs 72,800 per 10 grams.
On the global front, gold is trading at $2,500.90 an ounce on Comex, up $8.50 an ounce. “Gold rose slightly on Friday as geopolitical uncertainty continued to provide support for the precious metal.However, strong US retail sales and jobless claims data released on Thursday suggest strong consumer spending, reducing concerns about the risk of a recession in the US and reducing expectations of aggressive interest rate cuts, potentially “This limits further gains in precious metals,” said Saumil Gandhi, senior analyst, commodities at HDFC Securities.
However, in the international markets, silver was falling at $ 28.66 an ounce.
“Comex gold on Thursday closed 0.5 percent higher at US$2,492.4 an ounce as mixed US data along with a softening in consumer price index inflation and strong retail sales provided no new direction on the US Federal Reserve’s monetary policy path,” said AVP Kainat Chainwala. Didn’t give information.” -Commodity Research at Kotak Securities said.
However, in the international markets, silver was falling at $ 28.66 an ounce.
“Comex gold on Thursday closed 0.5 per cent higher at US$2,492.4 an ounce as mixed US data along with a softening in Consumer Price Index inflation and strong retail sales provided no new direction on the US Federal Reserve’s monetary policy path,” AVP Kainaat Chainwala said. Didn’t give information.” -Commodity Research at Kotak Securities said.