Gold tumbles by Rs 547; silver plunges Rs 864

Gold prices in the national capital on Tuesday tumbled by Rs 547 to Rs 50,471 per 10 grams amid rupee appreciation, according to Securities. In the previous trade, the precious metal settled at Rs 51,018 per 10 grams.

Silver also dipped by Rs 864 to Rs 59,874 per kg from Rs 60,738 per kg in the previous trade.

Staging a marginal recovery from its lifetime low, the rupee inched up 1 paisa to close at 78.03 (provisional) against the US dollar on Tuesday.

“Spot gold prices for 24-carat gold in Delhi plunged by Rs 547 reflecting an overnight slump in COMEX gold prices,” said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.

In the international market, gold was trading higher at USD 1,828 per ounce and silver was trading flat at USD 21.31 per ounce.

Gold prices halted one-week of decline on Tuesday as the dollar index fell back after rallying sharply in the previous trading session, Patel added.