Gold, silver retreat from record levels amid profit taking

Jaipur, May 21, 2024.

Gold and silver prices retreated from record highs in the national capital on Tuesday, with the yellow metal plunging by Rs 550 per 10 grams due to profit-taking and weak global trends.

According to HDFC Securities, gold prices were impacted by hawkish comments from one of the US Fed Reserve members, who suggested that interest rates will need to continue at current levels for a longer period to bring inflation back to target.

Gold prices declined by Rs 550 to Rs 74,650 per 10 grams.