Gold falls Rs 180; silver declines Rs 400

New Delhi, Aug 2 (PTI) Gold price fell by Rs 180 to Rs 60,250 per 10 gram in the national capital on Wednesday amid weak global cues, according to HDFC Securities.

The precious metal had closed at Rs 60,430 per 10 gram in the previous trade.

Silver also declined Rs 400 to Rs 76,700 per kilogram.

In the overseas market, gold and silver were quoting lower at USD 1,949 per ounce and USD 24.29 per ounce, respectively.

Gold faced selling pressure following a weak demand outlook and a firm US dollar. Investors are now looking at the US ADP non-farm employment change report, which is due later on Wednesday.

Meanwhile, despite a downgrade to the US credit rating, the dollar is hovering around 102 level, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.