Gold declines Rs 305; silver plummets Rs 805

NEW DELHI: Gold price declined Rs 305 to Rs 56,035 per 10 grams in the national capital on Thursday amid a fall in rates of precious metal in the overseas markets, according to HDFC Securities.

The yellow metal had settled at Rs 56,340 per 10 grams in the previous trade.

Silver also plummeted Rs 805 to Rs 65,095 per kg. ''Spot gold prices in the Delhi markets traded at Rs 56,035 per 10 grams, down Rs 305 per 10 grams,'' Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. In the overseas market, both gold and silver were quoting lower at USD 1,827 per ounce and USD 21.57 per ounce, respectively.

Comex gold prices traded down in Asian trading hours on Thursday, Gandhi said.

''Gold ticked lower after minutes from the Federal Reserve's latest policy meeting indicated that the US central bank would likely keep interest rates higher for longer to calm inflationary pressures,'' Navneet Damani, Senior VP - Commodity Research at Motilal Oswal Financial Services, said.