Gold declines by Rs 362; silver tumbles Rs 612 amid weak global trends

New Delhi: Gold on Monday declined by Rs 362 to Rs 52,443 per 10 grams in the national capital in line with its weak international prices, according to HDFC Securities. In the previous trade, the precious metal settled at Rs 52,805 per 10 grams.

Silver also tumbled Rs 612 to Rs 69,665 per kg from Rs 70,277 per kg in the previous trade.

In the international market, gold was trading lower at USD 1,970 per ounce and silver was flat at USD 25.58 per ounce.

“Gold prices traded lower with spot gold prices at COMEX trading 0.90 per cent down at USD 1,970 per ounce on Monday. Gold prices declined with rise in US bond yields,” Tapan Patel, senior analyst (commodities) of HDFC Securities, said.

Navneet Damani, Senior VP – Commodities Research, Motilal Oswal Financial Services, said, “Gold prices inched lower, dragged by firmer US Treasury yields, anticipations regarding FOMC’s (Federal Open Market Committee) policy meet and improved risk appetite on hopes of peace between Russia and Ukraine.”