Gold plunges Rs 550; silver down Rs 900

Gold price plunged Rs 550 to Rs 59,700 per 10 gram in the national capital on Thursday amid weak global trends, according to HDFC Securities. The precious metal had ended at Rs 60,250 per 10 gram in the previous trade.

Silver also tumbled Rs 900 to Rs 72,600 per kilogram.

“Gold extended its fall in Asian trading hours on Thursday, with spot gold price in the Delhi markets at Rs 59,700/10 gram, down Rs 550 per 10 gram,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
In the overseas markets, both gold and silver were trading lower at USD 1,932 per ounce and USD 23.36 per ounce, respectively. Investor sentiment turned moderately bearish in precious metals after the Federal Reserve signalled it would resume rate hike to cool down inflation, Gandhi said.