Gold falls Rs 350; silver plunges Rs 1,000
image for illustrative purpose
New Delhi: Gold prices tumbled Rs350 to Rs63,950 per 10 grams in the national capital on Friday amid weak cues in global markets, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs64,300 per 10 grams. Silver also plummeted Rs1,000 to Rs78,500 per kilogram, while it had settled at Rs79,500 per kg in the previous close.
Meanwhile, in the futures trade, the February contract of gold declined Rs244 to Rs63,145 per 10 grams on the MCX. Also, the March contract of silver plunged Rs1,166 to Rs73,793 per kilogram on the bourse. In the overseas markets, gold and silver were trading lower at $2,070 per ounce and $23.80 per ounce, respectively. Spot gold at Comex was trading at $2,070 per ounce, down by $10 from the previous close in the international markets.
Comex gold dropped as traders locked profit after the precious metal prices hit a three-week high in the previous session, HDFC Securities' Senior Analyst of Commodities Saumil Gandhi said. Following a recovery in the dollar and rising US Treasury yields are also additional factors that weighed down on the yellow metal, Gandhi added.
