Gold prices slumps Rs 289 on escalating tension between US and China

Gold prices declined by Rs 289 to Rs 51,877 per 10 grams in the national capital on Tuesday, according to HDFC Securities.

The precious metal had closed at Rs 52,166 per 10 grams in the previous trade.

Silver also fell sharply by Rs 841 to Rs 58,480 per kg from Rs 59,321 per kg in the previous trade.

In the international market, both gold and silver were trading flat at USD 1,771 per ounce and USD 20.25 per ounce, respectively.

"Gold prices pared early gains on firm dollar over possible tension between the US and China," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.