Profit-booking takes some sheen off gold; commodity hits all-time high

Gold price in the national capital declined to Rs 55,573 per 10 gram according to India Bullion and Jewellers Association on Thursday amid a fall in the precious metal’s prices globally.
 
The yellow metal had closed at Rs 56,195 per 10 gram in the previous trade. Silver also plummeted Rs 1,475 to Rs 69,286 per kilogram. “Comex Spot gold prices traded lower in early Asian hours on Thursday on back of profit taking after recent rally,” said an analyst at HDFC Securities.
 
In the overseas market, gold was trading in the red at $1,848 per ounce while silver was up at $24.45 per ounce.
The US Fed meeting minutes showed that the members remained committed to 2 per cent inflation targets and agreed that a sustained period of restrictive policy would be needed to cool unacceptably high inflation.