Gold rises Rs 50; silver decline Rs 500

New Delhi : Gold price rose Rs 50 to Rs 61,650 per 10 grams in the national capital on Tuesday, according to HDFC Securities.

In the previous trade, the yellow metal had ended at Rs 61,600 per 10 grams. Gold price fluctuated within a small range, as investors looked for fresh developments regarding the ongoing war between Israel and Hamas, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said. However, silver declined Rs 500 to Rs 74,500 per kilogram.

In the global markets, both gold and silver were down at USD 1,975 per ounce and USD 22.92 per ounce, respectively. Traders believe gold price will consolidate in the upper-end range before the key US macro data, Gandhi said. Meanwhile, in futures trade, the December contract of gold plunged Rs 332 to Rs 60,267 per 10 grams. Also, December contract of silver tumbled Rs 521 to Rs 71,554 per kg on the MCX. The Multi Commodity Exchange (MCX) was closed during the first half of the day due to the Dussehra holiday. It subsequently opened for the evening session.