Gold falls Rs 285; silver tumbles Rs 620

NEW DELHI: Gold prices declined by Rs 285 to Rs 55,950 per 10 grams in the national capital on Friday amid weak global trends, according to HDFC Securities.

The precious metal had settled at Rs 56,235 per 10 grams in the previous trade.

Silver also tumbled Rs 620 to Rs 65,005 per kg. ''Spot gold prices in the Delhi markets traded at Rs 55,950 per 10 grams, down Rs 285 per 10 grams,'' Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. In the overseas market, both gold and silver were trading lower at USD 1,821 per ounce and USD 21.29 per ounce, respectively.

''COMEX gold has fallen as stronger-than-expected US economic data and hawkish remarks from Federal Reserve officials weighed on the yellow metal,'' Sriram Iyer, Senior Research Analyst at Reliance Securities, said.