Gold declines Rs 258 to Rs 51,233 per 10 grams; silver down by Rs 327

Gold prices declined by Rs 258 to Rs 51,233 per 10 grams in the local market here on Wednesday in line with lower international metal prices, according to HDFC Securities.

In the previous trade, the precious metal had settled at Rs 51,491 per 10 grams.

Silver also declined by Rs 327 to Rs 64,618 per kg from Rs 64,945 per kg in the previous trade.

In the international market, gold was trading lower at USD 1,892 per ounce and silver was flat at USD 23.36 per ounce.

"Gold prices traded weak with spot gold prices at COMEX trading 0.66 per cent down at USD 1,892 per ounce on Wednesday. Gold prices witnessed selling on a stronger dollar," according to Tapan Patel, Senior Analyst (Commodities), HDFC Securities.