Gold prices plunged Rs 230 to Rs 63,970 per 10 grams in the national capital on Wednesday amid a bearish trend in the overseas markets, according to HDFC Securities. In the previous trade, the yellow metal ended at Rs 64,200 per 10 grams.
Silver also tumbled Rs 400 to Rs 78,400 per kilogram, while it had closed at Rs 78,800 per kg in the previous close.
In the international markets, gold and silver were trading lower at USD 2,059 per ounce and USD 23.60 per ounce, respectively.
Following a strengthening in the dollar index and a sharp rise in US treasury yields, gold prices came under pressure, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
Spot gold at Comex was trading at USD 2,059 per ounce, down by USD 14 from the previous close in the global markets.
Traders might refrain from placing aggressive bets before the Federal Open Market Committee (FOMC) December meeting minutes and US jobs openings data, which will be released on Wednesday, for more clarity on the Fed’s monetary policy interest rate outlook, Gandhi said.