Gold declines Rs 371; silver plunges Rs 230

Gold price declined Rs 371 to Rs 56,100 per 10 grams in the national capital on Tuesday amid weak global trends, according to HDFC Securities.

In the previous trade, the yellow metal had closed at Rs 56,471 per 10 grams. Silver also plunged Rs 230 to Rs 65,742 per kg. ”Spot gold prices in the Delhi markets traded at Rs 56,100 per 10 grams, down Rs 371 per 10 grams,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the overseas market, both gold and silver were quoting lower at USD 1,833 per ounce and USD 21.68 per ounce, respectively. COMEX gold prices fell slightly, while dollar index remained elevated in the Asian trading hours on Tuesday in anticipation of another increase in the interest rate, Sriram Iyer, Senior Research Analyst at Reliance Securities, said.

”Markets now will be waiting for the publication of the minutes of the February meeting of the US Federal Reserve due to be released on Wednesday,” Iyer added.