Gold tumbles Rs 750; silver nosedives Rs 1,400

Silver also nosedived Rs 1,400 to Rs 74,000 per kg, while it had closed at Rs 75,400 per kg in the previous close.

Gold prices tumbled Rs 750 to Rs 62,350 per 10 grams in the national capital on Wednesday amid weak global cues, according to HDFC Securities. In the previous trade, the precious metal had ended at Rs 63,100 per 10 grams.

Silver also nosedived Rs 1,400 to Rs 74,000 per kg, while it had closed at Rs 75,400 per kg in the previous close. "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 62,350 per 10 grams, down by Rs 750 taking bearish cues from overseas markets," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the international markets, spot gold at Comex was trading at USD 1,995 per ounce, down by USD 26 from the previous close. Comex spot gold fell below USD 2,000 per ounce for the first time since December after hotter-than-anticipated US Consumer Price Index (CPI) data, which dashed optimism that the Federal Reserve might soon abandon its monetary policy easing, Gandhi added.

Also, silver was trading lower at USD 21.97 per ounce, while it had closed at USD 22.82 per ounce.