Gold plunges Rs 350; silver nosedives Rs 1,000

Gold plunged Rs 350 to Rs 59,650 per 10 grams in the national capital on Wednesday amid weak cues in global markets, according to HDFC Securities. The yellow metal had ended at Rs 60,000 per 10 grams in previous trade.

“Gold declined on Wednesday, with spot gold prices (24 carats) in the Delhi markets trading at Rs 59,650/10 gram, down by Rs 350 in response to bearish cues from overseas markets,” Saumil Gandhi, Senior Analyst of commodities at HDFC Securities, said.

Silver also nosedived Rs 1,000 to Rs 73,400 per kg.
In the international markets, both gold and silver were down at USD 1,911 per ounce and USD 22.94 per ounce, respectively. Gold slipped to a more than two-week low amidst an uptick in yields and as investors are also positioning for the US inflation data scheduled later on Wednesday, which could offer insights on whether the Fed Reserve will further hike interest rates this year, Navneet Damani, Senior Vice-President of commodity research at Motilal Oswal Financial Services, said.

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This article was originally published by Indiatimes.com. Read the original article here.