Gold declines ₹372; silver flat at ₹69,273 per kg

Gold prices declined by ₹372 to ₹54,853 per 10 grams in the national capital on Friday amid weak trends in precious metal in global markets, according to HDFC Securities.

The precious metal had ended at ₹55,225 per 10 grams in the previous trade.

Silver climbed marginally by ₹15 to ₹69,273 per kilogram from ₹69,258 per kilogram in the previous trade.

“Spot gold prices (24 carats) in the Delhi market traded at ₹54,853 per 10 grams, down ₹372 per 10 grams,” Dilip Parmar, Research Analyst at HDFC Securities, said.

In the international market, gold quoted lower at $1,797.8 per ounce while silver traded flat at $23.74 per ounce.

“Gold prices turned negative after better-than-expected U.S. third quarter GDP data. U.S. economic data showed the country’s economy rebounded faster than previously estimated, boosting the dollar and potentially setting the Federal Reserve on aggressive path to fight inflation,” Mr. Parmar added.

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