Gold falls by Rs 435; Silver tumbles Rs 1,600

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Gold price declined by Rs 435 to Rs 49,282 per 10 gram in the national capital on Wednesday in tandem with fall in rates of the precious metal in international market, according to HDFC Securities.

In the previous trade, the yellow metal had settled at Rs 49,717 per 10 gram.

Silver also tumbled by Rs 1,600 to Rs 54,765 per kg. "Spot gold prices for 24-carat gold in Delhi fell by Rs 435 per 10-gram following risk-averse sentiment and the Exchange Traded Funds (ETF) cut holding in gold," said Dilip Parmar, Research Analyst at HDFC Securities.

In the international market, gold was quoting lower at USD 1,615.7 per ounce while silver was trading down at USD 18 per ounce. Gold prices traded lower than spot gold prices at COMEX fell to USD 1,615 per ounce, a level last seen in April 2020, Parmar added.