Gold prices fall by Rs 1,492, silver tanks by Rs 1,476 on weak global cues

Gold prices plunged by Rs 1,492 to Rs 52,819 per 10 grams on Thursday in the national capital in line with sell-off in international prices of the precious metal, according to HDFC Securities.

The yellow metal had closed at Rs 54,311 per 10 grams in the previous trade.

Silver also witnessed weak trend as it tanked Rs 1,476 to Rs 67,924 per kg, from Rs 69,400 per kg in the previous day. In the international market, gold was trading lower at $1,927 per ounce and silver was quoting marginally higher at $26.71 per ounce.

“Gold prices continued downtrend on Thursday with stronger dollar after US Federal Open Market Committee (FOMC) minutes,” HDFC Securities Senior Analyst (commodities) Tapan Patel said.
 

As per the FOMC minutes, the committee members have expressed concern over the continuing impact of the COVID-19 pandemic on economic growth.