Gold declines Rs 270; silver plunges Rs 320

New Delhi, April 3 (PTI) Gold price declined Rs 270 to Rs 59,480 per 10 gram in the national capital on Monday amid weak global trends, according to HDFC Securities.

The precious metal had settled at Rs 59,750 per 10 gram in the previous trade.

Silver also plunged Rs 320 to Rs 71,780 per kg.

“Spot gold prices in the Delhi markets traded at Rs 59,480 per 10 gram, down Rs 270 per 10 gram,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the overseas market, both gold and silver were trading lower at USD 1,964 per ounce and USD 23.80 per ounce, respectively.

“Comex gold prices traded down in Asian trading hours on Monday after a surprise output cut from OPEC that sparked inflation concerns and raised bets that the US Federal Reserve may have to continue its aggressive policy path amid elevated inflation.

“Prices also pulled back as the US dollar and the benchmark treasury yields remained elevated in the trading session,” Sriram Iyer, Senior Research Analyst at Reliance Securities, said.