Gold tumbles Rs 875; silver plunges Rs 760

NEW DELHI: Gold price tumbled Rs 875 to Rs 66,575 per 10 grams in the national capital on Friday amid weak trends in global markets, according to HDFC Securities.

The precious metal had settled at Rs 67,450 per 10 grams in the previous trade.

In addition, silver also plunged Rs 760 to Rs 76,990 per kg against the previous close of Rs 77,750 per kg.

"Spot gold prices (24 carats) in the Delhi markets are trading at Rs 66,575 per 10 grams, down by Rs 875 from the previous day," Dilip Parmar, Research Analyst at HDFC Securities, said.

In the overseas markets, spot gold at Comex was trading at USD 2,167 per ounce, down USD 35 from the previous day's level.

"Gold prices are down nearly 2 per cent from their all-time hit yesterday weighed by profit-booking/ long liquidation, and a sharp rebound in the dollar index, following events like rate cuts by the Swiss National Bank, better than expected PMI and housing data from the US," Pranav Mer, VP, Research (Commodity & Currency) at BlinkX and JM Financial, said.

Silver was also trading lower at USD 24.45 per ounce. In the previous trade, it had closed at USD 25.51 per ounce.

Comex spot gold has support at USD 2,145/2,130 and resistance at USD 2,178/2,206 per ounce.

"Gold prices experienced a correction over the last two days, influenced by a rise in dollar index and profit booking following a strong bullish rally in March.

"Despite this correction, the overall outlook for gold remains positive.

However, some volatility and further correction may be expected in the near term," Jateen Trivedi, VP Research Analyst at LKP Securities, said.