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Gold declines by Rs 464/10 gm, silver by Rs 723/kg

NEW DELHI: Gold in the national capital on Monday plunged Rs 464 to Rs 47,705 per 10 grams reflecting decline in global precious metal prices, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 48,169 per 10 gram.

Silver also declined Rs 723 to Rs 70,420 per kg, from Rs 71,143 per kg in the previous trade.

In the international market, gold was trading lower at USD 1,858 per ounce and silver was flat at USD 27.70 per ounce.

HDFC Securities Senior Analyst (Commodities) Tapan Patel, “The yellow metal extended decline on a firm dollar. Traders and investors are awaiting fresh triggers from the US FOMC meet on Wednesday.”

Vice-President (Commodities Research) Navneet Damani said, “Gold prices slipped to more than one-week low, weighed down by a stronger dollar as focus turns to the US Federal Reserve policy meet this week.”

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