Bullion prices fall on weak global cues

New Delhi: Gold prices plunged Rs400 to Rs65,950 per 10 grams in the national capital on Wednesday amid weak trends in the overseas markets, according to HDFC Securities. The precious metal had closed at Rs66,350 per 10 grams in the previous trade. Silver also plummeted Rs600 to Rs75,300 per kg. In the previous close, it had settled at Rs75,900 per kg. “Spot gold prices (24 carats) in the Delhi markets are trading at Rs65,950 per 10 grams, down by Rs400 from the previous close,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.

In the international markets, spot gold at Comex was trading at $2,160 per ounce, down by $17 from the previous close. Gold prices fell on Wednesday as higher-than-expected US inflation data dashed market hopes of a US Federal Reserve’s shift toward monetary policy easing in the upcoming months, Gandhi added. Silver was also quoting lower at $24.22 per ounce, while it had ended at $24.44 per ounce in the previous trade.