Strong Greenback weighs on bullion prices

New Delhi: Gold prices declined by Rs150 to Rs59,900 per 10 grams in the national capital on Tuesday amid weak global cues, according to HDFC Securities. In the previous trade, the precious metal had finished at Rs60,050 per 10 grams. Silver also tumbled Rs850 to Rs74,500 per kilogram.

In the international markets, both gold and silver were quoting lower at $1,912 per ounce and $23.05 per ounce, respectively. “Comex gold slipped to a two-week low, weighed down by strong gains in the US dollar and bond yields amid speculation that central banks will keep interest rates elevated for longer to rein in inflation,” said Saumil Gandhi, senior analyst of commodities at HDFC Securities. Meanwhile, in futures trade, the October contract of gold fell Rs30 to Rs58,671 per 10 grams. Also, December contract of silver plunged Rs111 to Rs72,039 per kg on the MCX.