Gold falls Rs 400; silver remains flat

New Delhi: Gold prices fell by Rs 400 to Rs 1.6 lakh per 10 grams in the national capital amid weak global trends and receding expectations of an interest rate cut by the US Federal Reserve.According to the All India Sarafa Association, gold of 99.9 per cent purity declined Rs 400, or 0.25 per cent, to Rs 1,60,900 per 10 grams. It had settled at Rs 1,61,300 per 10 grams.

However, silver prices remained unchanged at Rs 2,68,500 per kilogram in the local bullion market."Gold traded within range with modest declines on Thursday amid markets scaling back aggressive rate-cut expectations following stronger-than-expected data from the US labour market," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

The US non-farm payrolls report for January showed that the economy added 1.3 lakh jobs, while the unemployment rate fell to 4.3 per cent, signalling continued resilience in the labour market.