New Delhi: The price of gold and silver has seen a decline on Tuesday. According to the All India Sarafa Association, the price of gold in the national capital Delhi fell by Rs 50 to Rs 74,050 per 10 grams on September 3. The price of 99.9 percent pure gold closed at Rs 74,100 per 10 grams on Monday.

On Tuesday, the price of silver also fell by Rs 250 to Rs 85,250 per kg. It had closed at Rs 85,500 per kg at the end of the previous trading session. Apart from this, the price of gold of 99.5 percent purity fell by Rs 50 to Rs 73,700 per 10 grams.

Prices increased in the global market

Talking about the global market, Comex gold is trading at $ 2,531.40 per ounce, up $ 3.80 per ounce or 0.15 percent. Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said, "Gold prices did not see much volatility on Tuesday as traders remained on the sidelines ahead of US employment market data, which may influence the path of interest rate cuts by the US Federal Reserve (Fed)."

In the international markets, silver fell 1.81 per cent to $28.62 an ounce. Samil Gandhi said that during the week, traders will focus on various job reports including Jolts Job Openings, ADP Non-Farm Employment Change, Non-Farm Payrolls and unemployment data, which will influence the Fed's policy decision and may provide direction to gold prices.

Prathamesh Mallya of Angel One said, according to DVP-Non-Agricultural Commodities and Currencies Research, gold prices are likely to remain bullish on expectations of interest rate cut in the upcoming US Fed meeting.