Gold drops Rs 70; silver tumbles Rs 400

New Delhi, Aug 9 (PTI) Gold price fell by Rs 70 to Rs 60,050 per 10 gram in the national capital on Wednesday amid a decline in rates of the precious metal overseas, according to HDFC Securities.

In the previous trade, the yellow metal had settled at Rs 60,120 per 10 gram.

Silver also tumbled Rs 400 to Rs 73,600 per kilogram.

In the global markets, gold was trading lower at USD 1,929 per ounce while silver was up at USD 23.84 per ounce.

Gold prices are stuck in a lower range as investors await US inflation data for July to be released on Thursday for further cues on the Fed’s monetary policy path, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

Meanwhile, in futures trade, the October contract of gold declined by Rs 12 to Rs 59,236 per 10 gram in afternoon deals on MCX. Also, September contract of silver plunged by Rs 105 to Rs 70,111 per kg on MCX.