Gold prices rises by ₹450 while silver declines ₹380

In the previous trade, the yellow metal had finished at ₹60,850 per 10 grams.

Silver, however, went lower ₹380 to ₹77,400 per kg.

“Spot gold prices in the Delhi markets traded at ₹61,300 per 10 grams, up ₹450 per 10 grams,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the overseas market, gold was trading higher at $2,024 per ounce and silver was down at $25.45 per ounce.

“Comex gold traded higher in Asian trading hours on Tuesday as investors are waiting for vital US inflation reports this week that could influence the Fed’s next interest rate decision,” Sriram Iyer, Senior Research Analyst at Reliance Securities, said.

Gold prices edged up on Tuesday with focus on the US inflation readings for hints on future US Federal Reserve rate strategy as economic uncertainties prevailed.

Spot gold rose 0.5% to $2,030.43 per ounce by 1021 GMT, while U.S. gold futures added 0.2% to $2,037.90.

While bullion is considered an inflation hedge, higher rates dent the non-yielding asset’s appeal.

Traders are currently pricing in an 88% chance of the U.S. central bank holding rates in June, after Fed Chair Jerome Powell said last week that policy decisions will be data driven, while also hinting at a likely pause in the cycle, reported Reuters.

US consumers’ inflation expectations were mixed in April, the New York Federal Reserve’s report showed.