Bullion prices fall after US GDP data

New Delhi: Gold prices declined by Rs350 to Rs60,250 per 10 grams in the national capital on Friday amid weak cues in the overseas market, according to HDFC Securities.

The precious metal had ended at Rs60,600 per 10 grams in the previous trade. Silver also nosedived Rs1,900 to Rs76,000 per kilogram. In the international market, both gold and silver were quoting lower at $1,951 per ounce and $24.15 per ounce, respectively.

“Gold prices came under pressure after stronger-than-expected US second-quarter GDP data signaled the US economy is doing well and possibly holding up to higher interest rates for a longer time.