Gold declines Rs 372; silver flat at Rs 69,273 per kg

Gold prices declined by Rs 372 to Rs 54,853 per 10 grams in the national capital on Friday amid weak trends in precious metal in global markets, according to Securities. The precious metal had ended at Rs 55,225 per 10 grams in the previous trade.

Silver climbed marginally by Rs 15 to Rs 69,273 per kilogram from Rs 69,258 per kilogram in the previous trade.

“Spot gold prices (24 carats) in the Delhi market traded at Rs 54,853 per 10 grams, down Rs 372 per 10 grams,” Dilip Parmar, Research Analyst at HDFC Securities, said.

In the international market, gold quoted lower at USD 1,797.8 per ounce while silver traded flat at USD 23.74 per ounce.
“Gold prices turned negative after better-than-expected US third quarter GDP data. US economic data showed the country’s economy rebounded faster than previously estimated, boosting the dollar and potentially setting the Federal Reserve on aggressive path to fight inflation,” Parmar added.