Gold price tumbles Rs 614 to Rs 50,750/10 gm, silver rate tanks Rs 1,898

Gold price declined on Wednesday by Rs 614 to Rs 50,750 per 10 grams in the national capital amid lower price for the yellow metal in the international market, according to HDFC Securities.

In the previous trade, it had closed at Rs 51,364 per 10 grams.

Silver also tanked by Rs 1,898 to Rs 59,720 per kilogram from its previous close of Rs 61,618 per kilogram.

"Spot gold prices for 24 carat in Delhi extended decline by Rs 614...," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold was quoting lower at USD 1,874 per ounce and silver was also trading with losses at USD 23.26 per ounce.

Gold price continued on the downside on stronger dollar as the investors switched to dollar as a safe-haven avenue on fears of second wave of virus infections, he added.