Gold prices up marginally; silver tumbles by Rs 590 per kg

Gold prices edged marginally up by Rs 15 at Rs 35,795 per 10 gram but silver plunged by Rs 590 to Rs 41,530 per kg in the national capital as caution prevailed in view of weak global cues and lacklustre domestic buying, according to the All India Sarafa Association.

In the global market, gold was trading lower at USD 1,407 an ounce and silver price was down at USD 16.12 an ounce in New York.

The American currency rose 0.40 per cent to 98.91 against a basket of major currencies, further putting pressure on gold rates.

The yellow metal witnessed a selling pressure after the US Federal Reserve failed to give further clarity over future rate cuts, HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The US Fed cut the benchmark lending rate by 25 basis points to 2.0-2.25 per cent on Wednesday for the first time in more than a decade.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity gained Rs 15 each to Rs 35,795 per 10 gram and Rs 35,625 per 10 gram, respectively.

Sovereign gold held steady at Rs 27,500 per eight gram.

Silver ready plummeted by Rs 590 to Rs 41,530 per kg, while weekly-based delivery plunged Rs 864 to Rs 40,570 per kg.

Price of silver coins traded lower by Rs 1000 to Rs 84,000 for buying and Rs 85,000 for selling of 100 pieces.