Gold plunges Rs 400; silver plummets Rs 600

Gold prices plunged Rs 400 to Rs 65,950 per 10 grams in the national capital on Wednesday amid weak trends in the overseas markets, according to HDFC Securities. The precious metal had closed at Rs 66,350 per 10 grams in the previous trade.

Silver also plummeted Rs 600 to Rs 75,300 per kg. In the previous close, it had settled at Rs 75,900 per kg.

“Spot gold prices (24 carats) in the Delhi markets are trading at Rs 65,950 per 10 grams, down by Rs 400 from the previous close,” Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at USD 2,160 per ounce, down by USD 17 from the previous close.

Gold prices fell on Wednesday as higher-than-expected US inflation data dashed market hopes of a US Federal Reserve’s shift toward monetary policy easing in the upcoming months, Gandhi added.

Silver was also quoting lower at USD 24.22 per ounce, while it had ended at USD 24.44 per ounce in the previous trade.