Gold falls Rs 303; silver drops Rs 197

Gold prices declined by Rs 303 to Rs 49,571 per 10 grams in the national capital on Monday amid weak global cues and rupee appreciation, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 49,874 per 10 grams.

Silver also dipped by Rs 197 to Rs 57,090 per kilogram from Rs 57,287 per kg in the previous trade.

The rupee appreciated 14 paise to 79.64 against the US dollar in early trade on Monday in line with its Asian peers and as the American currency retreated from its elevated levels.

In the international market, gold was quoting lower at USD 1,662 per ounce, while silver was flat at USD 19.28 per ounce.

“Gold prices extended loses as firm dollar and speculation ahead of US FOMC meet has pinned down investment sentiments on expectations of larger rate hike,” Tapan Patel, Senior Analyst (Commodities) at Securities, said.