Gold drops Rs350; silver plunges Rs750

New Delhi: Gold prices dropped by Rs350 to Rs60,450 per 10 grams in the national capital on Friday amid weak global trends, according to HDFC Securities.

The precious metal had settled at Rs60,800 per 10 grams in the previous trade. Silver also plunged Rs750 to Rs77,200 per kilogram. In the international market, both gold and silver were quoting lower at $1,966 per ounce and $24.80 per ounce, respectively. Gold prices retreated from their recent highs on the back of a recovery in the US dollar and treasury yields. The dollar index reclaimed the 100 mark and rose about 0.60 per cent against its rivals on Thursday following stronger-than-expected US jobless claims data, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. The data showed weekly claims fell to a two-month low, an indication of the labour market’s resilience, which would reinforce the idea that there could be another rise in interest rates this year, Gandhi added.