Bullion prices fall on strong US data

New Delhi: Gold price fell by Rs50 to Rs57,500 per 10 grams in the national capital on Wednesday amid a fall in precious metal prices in international markets, according to HDFC Securities.

The yellow metal had settled at Rs57,550 per 10 grams in the previous trade. Silver also plunged Rs500 to Rs71,000 per kg. In the overseas markets, gold was quoting lower at $1,822 per ounce, while silver was flat at $21.09 per ounce.

“Comex spot gold traded around its lowest level in almost seven months on the back of strong US macro data and a surge in US bond yields,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.