Gold plunges Rs 470; silver declines Rs 420

NEW DELHI : Gold price plunged by Rs 470 to Rs 59,480 per 10 grams in the national capital on Tuesday amid weak global trends, according to HDFC Securities.

In the previous trade, the yellow metal had closed at Rs 59,950 per 10 grams.

Silver also declined Rs 420 to Rs 68,550 per kilogramme.

''Spot gold prices in the Delhi markets traded at Rs 59,480 per 10 grams, down Rs 470 per 10 grams,'' Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

In the overseas market, gold and silver were trading lower at USD 1,967 per ounce and USD 22.39 per ounce, respectively.

Comex gold prices traded lower in Asian trading hours on Tuesday.

Gold prices have corrected almost 2 per cent after prices hit a fresh 52-week high of USD 2,010 per ounce on Monday as short-term traders took profit and fears of a full-blown banking meltdown eased, Gandhi said.

Now investors' focus turned to a US Federal Reserve policy rate decision on Wednesday which could provide further direction for yellow metal, he added.