Gold falls Rs 40; silver declines Rs 85

New Delhi, Jan 23 (PTI) Gold price fell Rs 40 to Rs 56,840 per 10 grams in the national capital on Monday amid a fall in rates of precious metal globally, according to HDFC Securities.

In the previous trade, the yellow metal had touched Rs 56,880 per 10 grams.

Silver also declined Rs 85 to Rs 68,980 per kilogram.

“Spot gold prices in the Delhi markets traded at Rs 56,840 per 10 grams, down Rs 40 per 10 grams,” said an analyst at HDFC Securities.

In the overseas market, gold was quoting lower at USD 1,926 per ounce while silver was flat at USD 23.88 per ounce.

Comex spot gold price is trading lower by 0.20 per cent at USD 1,926 per ounce against its previous close, the analyst said.

“Focus this week is squarely on US Q4 GDP and Core PCE data. Growth is expected to have slowed in the fourth quarter from the third, amidst the effects of tighter monetary policy,” Navneet Damani, Senior VP Commodity Research at Motilal Oswal Financial Services, said.