New Delhi:  According to the All India Sarafa Association, the price of gold in the national capital fell by Rs 400 to Rs 72,750 per 10 grams on Friday. At the same time, silver prices rose by Rs 800 to Rs 84,000 per kg from the previous close of Rs 83,200 per kg.

Latest prices of gold and silver 

Gold had closed at Rs 73,150 per 10 grams in the previous session. Commodity markets were closed on Thursday on the occasion of Independence Day. Meanwhile, gold of 99.5 percent purity fell by Rs 400 to Rs 72,400 per 10 grams. It had closed at Rs 72,800 per 10 grams in the previous session.

Global market situation

On the global front, Comex gold is trading higher by $8.50 an ounce at $2,500.90 an ounce. Gold prices rose slightly on Friday as geopolitical uncertainty supported the precious metals. However, silver was quoted lower at $28.66 an ounce in the international markets.

What did the expert say?

Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said strong US retail sales and jobless claims data released on Thursday indicated robust consumer spending, easing concerns about recession risk in the US and dampening expectations of aggressive interest rate cuts, which may limit further upside in precious metals.

Comex gold on Thursday closed 0.5 per cent higher at $2,492.4 per ounce as mixed US data with moderation in consumer price index inflation and robust retail sales did not offer any new insights on the US Federal Reserve's monetary policy path, said Kaynat Chainwala, AVP-Commodity Research at Kotak Securities.