Gold, silver prices tumble on global cues

New Delhi: Gold price declined Rs350 to Rs61,700 per 10 grams in the national capital on Wednesday amid weak global cues, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs62,050 per 10 grams. “Gold begins the new month on a lower note as safe-haven demand declines,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities. Silver also tumbled Rs1,200 to Rs74,300 per kilogram. In the international markets, both gold and silver were trading lower at $1,978 per ounce and $22.55 per ounce, respectively. Additionally, strength in the US dollar and bond yields weighed down on gold prices, Gandhi added.