Gold declines Rs 120; silver plunges Rs 500

New Delhi, May 22 (PTI) Gold prices eased by Rs 120 to Rs 60,580 per 10 grams in the national capital on Monday amid weak global trends, according to HDFC Securities.

The precious metal had settled at Rs 60,700 per 10 grams in the previous trade.
Silver also plunged by Rs 500 to Rs 73,600 per kg.

“Spot gold prices in the Delhi markets traded at Rs 60,580 per 10 grams, down Rs 120 per 10 grams,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the international market, both gold and silver were trading lower at USD 1,978 per ounce and USD 23.87 per ounce, respectively.

“Comex gold traded lower in Asian trading hours on Monday as markets struggled for direction and traders cautiously awaiting updates from the US debt ceiling negotiations,” Sriram Iyer, Senior Research Analyst at Reliance Securities, said.