Bullion counters slipped in the opening trade on Tuesday after the
US Federal Reserve slashed its benchmark
interest rate to cushion the economic impact from the fast-spreading coronavirus.
The Fed trimmed interest rates by 50 basis points on Tuesday in an emergency move to safeguard the world's largest economy from the impact of the epidemic.
Gold futures dipped 0.30 per cent or Rs 130 to Rs 43,344 per 10 grams while silver
futures slid 0.19 per cent or Rs 90 lower to Rs 46,288 per kg.
Gold prices on Tuesday rose marginally by Rs 6 to Rs 42,958 per 10 gram, according to
HDFC Securities. Silver prices, however, fell by Rs 58 to Rs 46,213 per kg from Rs 46,271 per kg on Monday.
Globally, spot gold climbed 0.3 per cent to $1,643.76 per ounce, having registered its biggest one-day percentage gain since 2016 on Tuesday. US gold futures gained 0.1 per cent to $1,645.30.
Among other precious metals, palladium fell 0.7 per cent to $2,484.64 per ounce, while platinum was up 0.9 per cent at 882.50. Silver rose 0.2 per cent to $17.21 an ounce.
Demand for platinum from the auto industry will rise this year for the first time since 2016 but it won't be enough to offset a decline in investment buying, leaving the global market in surplus again, the World
Platinum Investment Council said.