Gold declines Rs 50; silver remains flat

New Delhi, Aug 28 (PTI) Gold prices declined Rs 50 to Rs 59,550 per 10 grams in the national capital on Monday amid a fall in precious metal prices globally, according to HDFC Securities.

In the previous trade, the yellow metal had ended at Rs 59,600 per 10 grams.

However, silver remained flat at Rs 76,500 per kg.

In the international markets, gold and silver were down at USD 1,914 per ounce and USD 24.17 per ounce, respectively.

“Investors continued to assess hawkish remarks from the world’s top central bankers, who stressed the need to keep interest rates high until inflation is contained at the Jackson Hole gathering.

“US Federal Reserve Chair Jerome Powell said that the central bank is prepared to raise interest rates further if needed and intends to keep borrowing costs high until inflation is on a convincing path towards the Fed’s 2 per cent target,” Saumil Gandhi, senior analyst – commodities at HDFC Securities, said.