Gold steady for second day; silver slides Rs 1,500

New Delhi, Jul 16 (PTI) Gold prices stayed steady for the second straight session at Rs 1,46,300 per 10 grams in the national capital on Thursday, while silver declined Rs 1,500 amid subdued global trends. The yellow metal of 99.9 per cent purity traded flat at Rs 1,46,300 per 10 grams, according to the All India Sarafa Association. However, silver remained under pressure for the fourth consecutive session, declining Rs 1,500 to hit an over two-week low of Rs 2,24,500 per kilogram (inclusive of all taxes) from Wednesday's closing level of Rs 2,26,000 per kg. The white metal was last quoted around these levels on June 29, when it traded at Rs 2,24,000 per kg. It has fallen Rs 12,500, or 5.3 per cent, in the last four sessions, from Rs 2,37,000 per kg recorded on July 10. Traders said gold continued to move in a narrow range on balanced local demand, while silver remained under pressure due to sustained profit-booking and subdued industrial buying. "Gold traded in a narrow range for the second consecutive session on Thursday as investors balanced softer-than-expected US inflation data against escalating geopolitical tensions in West Asia," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. Renisha Chainani, Head - Research at Augmont, said silver prices declined as the escalating conflict in West Asia erased optimism over easing inflation and stirring worries that rising oil prices could force the Federal Reserve's hand on interest rates. In the global markets, spot gold slipped USD 29.54, or nearly 1 per cent, to trade at USD 4,030.84 per ounce, while silver declined 1.7 per cent to USD 56.79 per ounce. "Spot gold was trading lower around USD 4,033 per ounce in the overseas market as tensions between the US and Iran remain heightened with virtually no change in the ground situation," said Praveen Singh, Head of Commodities at Mirae Asset ShareKhan. Meanwhile, the latest skirmish entered the fifth day as US President Donald Trump threatened to keep striking Iran until it comes back to the negotiation table. He, however, noted that losses were capped after Iran's chief negotiator, Mohammad Bagher Ghalibaf, indicated that diplomacy remained one of the options to resolve the Washington-Tehran standoff. According to Gaurav Garg, Research Analyst, Lemonn Markets Desk, investors are awaiting US retail sales data and jobless claims, which could offer insights on the strength of the American economy and the Fed's interest rate trajectory. PTI HG HVA