Gold tumbles Rs 615; silver plummets Rs 2,285 amid weak global trends

Gold price tumbled by Rs 615 to Rs 55,095 per 10 grams in the national capital on Wednesday amid a decline in rates of precious metal in the overseas markets, according to HDFC Securities.

The yellow metal had closed at Rs 55,710 per 10 grams in the previous trade. Silver also plummeted Rs 2,285 to Rs 62,025 per kilogramme. ”Spot gold prices in the Delhi markets traded at Rs 55,095 per 10 grams, down Rs 615 per 10 grams,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the overseas markets, both gold and silver were quoting lower at USD 1,814 per ounce and USD 20.05 per ounce, respectively. Comex Gold prices traded negative in the Asian trading hours on Wednesday.

Gold prices extended previous session loss and prices fell to one week low after US Federal reserve chair Jerome Powell said on Tuesday that interest rates might need to go higher than previously expected to curb inflationary pressures, Gandhi said.