Gold falls Rs 120; silver declines Rs 300

New Delhi, Aug 11 (PTI) Gold price fell Rs 120 to Rs 59,680 per 10 gram in the national capital on Friday amid weak global cues, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 59,800 per 10 gram.

Silver also declined Rs 300 to Rs 73,000 per kg.

In the overseas market, both gold and silver were down at USD 1,917 per ounce and USD 22.72 per ounce, respectively.

Comex spot gold is set for its biggest weekly drop since mid-June after a Federal Reserve policy maker dampened optimism that easing inflation signalled the end of monetary policy tightening.

Investors are now focusing on more US economic data due on Friday, including the Producer Price Index, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.