Strong USD takes sheen off gold, silver

New Delhi: Gold prices declined by Rs300 to Rs59,600 per 10 grams in the national capital on Wednesday amid weak global cues, according to HDFC Securities. The precious metal had closed at Rs59,900 per 10 grams in the previous trade. Silver also plunged Rs400 to Rs74,100 per kg. In the global markets, gold and silver were quoting lower at $1,897 per ounce and $22.80 per ounce, respectively.

“The dollar extended its rise and reached a new 10-month high after the US Federal Reserve’s hawkish signal that interest rates would remain higher for longer,” said Saumil Gandhi, senior analyst of commodities at HDFC Securities.