Gold plunges Rs400; silver tumbles Rs600

New Delhi: Gold prices plunged Rs400 to Rs63,050 per 10 grams in the national capital on Wednesday amid weak cues in the overseas market, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs63,450 per 10 grams.

Silver also tumbled Rs600 to Rs75,800 per kilogram. In the global markets, gold and silver were quoting lower at $2,024 per ounce and $22.70 per ounce, respectively. Gold witnessed significant downward pressure due to the strengthening dollar index and higher US Treasury yields, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said. Spot gold at Comex was trading at $2,024 per ounce, down by $25 from the previous close in the international markets. Investors will closely monitor December US retail sales data which will be released on Wednesday and speeches from several Fed members which will provide insights on monetary policy interest rate path ahead, Gandhi added.