Gold tumbles by Rs 284; silver plunges to Rs 59,590

New Delhi: Gold price in the national capital on Thursday tumbled Rs 284 to Rs 46,700 per 10 grams in tandem with a decline in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 46,984 per 10 grams.

Silver also dipped by Rs 1,292 to Rs 59,590 per kilogram from Rs 60,882 per kilogram in the previous trade.

In the international market, gold was trading lower at $1,800 per ounce and silver was flat at $22.34 per ounce.

“Gold prices traded lower with spot gold prices at COMEX trading half a per cent down at $1,800 per ounce on Thursday. Gold prices traded under pressure on hawkish US FED minutes in a view to hike key interest rates sooner-than-expected,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

According to Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services, “Gold prices slipped erasing earlier gains, as US bond yields jumped after minutes from the last Federal Reserve meeting showed an aggressive stance w.r.t the rate hikes this year.”