Precious Metals Mixed: Gold Slips, Silver Sees Sharp Fall

Precious metal rates moved lower on Tuesday, with gold losing about Rs 280 per 10 grams and silver shedding nearly Rs 2,000 per kilogram in the domestic market.

The India Bullion and Jewellers Association reported that 24-carat gold came down by Rs 279, closing at Rs 1,41,431 per 10 grams. It had been priced at Rs 1,41,710 per 10 grams before.

Rates for 22-carat gold eased to Rs 1,29,551 per 10 grams from Rs 1,29,806. For 18-carat gold, the rate dipped to Rs 1,06,073 per 10 grams from Rs 1,06,283.

Silver's decline was more pronounced. The metal dropped Rs 1,980 to Rs 1,92,499 per kilogram, down from Rs 1,94,479 per kilogram.

On the international front, gold remained steady at $4,040 per ounce. Silver fell one percent to $53.76 per ounce.

According to market observers, the firm US dollar and ongoing weakness in COMEX gold kept pressure on prices. Global gold rates stayed around $4,000 per ounce.

Investors remain watchful ahead of the US Federal Reserve's policy announcement on October 28. The outcome on interest rates and the guidance offered by the Fed are expected to set the market's next course.

Looking ahead, domestic gold prices are expected to continue experiencing ups and downs. In the near term, prices may remain within Rs 1,40,000 to Rs 1,44,500 per ounce.