Gold falls Rs 370; silver plunges Rs 550

New Delhi, Jun 23 (PTI) Gold prices softened Rs 370 to Rs 59,180 per 10 grams in the national capital on Friday amid weak trends in overseas markets, according to HDFC Securities.

In the previous trade, the yellow metal had closed at Rs 59,550 per 10 grams.

Silver also plunged Rs 550 to Rs 70,950 per kilogramme.

“Gold edged lower on Friday, with spot gold prices in the Delhi markets trading at Rs 59,180/10 gram down by Rs 370 per 10 gram,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the international markets, both gold and silver were down at USD 1,916 per ounce and USD 22.30 per ounce, respectively.

Gold prices extended losses and hit fresh three-month lows in today’s session after the Bank of England delivered a surprise 50 basis point rate hike, which was larger than the market had anticipated as the central bank struggles to tame the highest inflation, Gandhi said.