Gold plunges Rs 3,900 to Rs 1,25,800/10g
New Delhi (PTI): Gold prices plunged by Rs 3,900 to Rs 1,25,800 per 10 grams in the national capital on Tuesday, tracking a decline in global rates amid fading expectations of an interest rate cut by the US Federal Reserve next month.
The precious metal of 99.5 per cent purity tanked by Rs 3,900 to Rs 1,25,200 per 10 grams (inclusive of all taxes), according to the All India Sarafa Association.
Silver prices were also under pressure as the white metal tumbled by Rs 7,800 to Rs 1,56,000 per kilogram (inclusive of all taxes).
"Gold and silver experience steep selloffs, as investors wait for hints on the Federal Reserve's policy course from a succession of US economic data releases this week, amid waning hopes for a US interest rate cut.
A rate cut in December has become less likely due to the absence of US data over the last six weeks and hawkish comments made by a number of Fed officials," Renisha Chainani, Head - Research at Augmont, said.
In the overseas markets, spot gold extended the losing run for the fourth consecutive session, slipping marginally lower at USD 4,042.32 per ounce. In the last four sessions, the precious metal dropped by USD 152.82, or 3.64 per cent, from USD 4,195.14 an ounce, recorded on November 12.
"Spot gold has extended its decline to the fourth straight day as doubts about the Fed rate cut linger amid hawkish comments from the Federal Reserve (Fed) officials.
"The rate cut probability in December has fallen to 41 per cent, down sharply from around 63 per cent as seen on November 5," Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.
Spot silver snapped a three-day losing run by gaining 0.57 per cent to USD 50.49 an ounce.
"Market participants will be closely watching the Federal Reserve's most recent meeting minutes, set to be released on Wednesday and monitor the September jobs report to be released on Thursday for insights into the strength of the US economy.
"The data release and meeting minutes are expected to provide further clarity on the interest-rate outlook and may influence gold prices in the near term," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
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RCB beat MI by 18 runs after batters fire
Mumbai (PTI): Royal Challengers Bengaluru skipper Rajat Patidar, Phil Salt and Virat Kohli blasted half-centuries as the defending champions beat Mumbai Indians by 18 runs in an Indian Premier League match here on Sunday.
Salt (78 off 36 balls) and Kohli (50 off 38 balls) stitched together a 120-run stand for the opening wicket before Patidar scored a rapid 53 off just 20 balls as RCB posted 240 for 4.
In response, Mumbai Indians were restricted to 222 for 5, with RCB spinner Suyash Sharma (2/47) putting the skids on the home side with a double strike in the eighth over, from which they could not recover.
Sherfane Rutherford top-scored for MI with an unbeaten 71 off 31 balls.
While opener Rohit Sharma appeared to be struggling with a hamstring issue and had to retire hurt on 19, his partner Ryan Rickelton made 37, while Suryakumar Yadav (33) and Hardik Pandya (40) were the other contributors for MI.
Brief scores:
Royal Challengers Bengaluru 240 for 4 in 20 overs (Phil Salt 78, Virat Kohli 50, Rajat Patidar 53, Tim David 35 not out).
Mumbai Indians: 222 for 5 in 20 overs (Sherfane Rutherford 71 not out, Ryan Rickelton 37, Hardik Pandya 40; Suyash Sharma 2/47).
