“Spot gold prices for 24 carats in Delhi were down by Rs 294 reflecting overnight fall in COMEX gold prices and rupee appreciation,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.
The Indian rupee appreciated 10 paise to 73.77 against the US dollar in opening trade on Thursday.
In the international market, both gold and silver were flat at $1,768 per ounce and $22.78 per ounce, respectively.
“Gold prices traded steady with spot gold prices at COMEX trading at $1,768 per ounce on Thursday,” Patel added.
Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services, “Gold prices inched lower after an initial appreciation amidst the Fed’s slightly hawkish statements.”
The US Federal Reserve said it will likely begin reducing its monthly bond purchases as soon as November and signalled interest rate increases may follow more quickly than expected.