Bullion prices decline on weak global cues

New Delhi: Gold prices declined Rs300 to Rs59,300 per 10 grams in the national capital on Thursday amid weak cues in international markets, according to HDFC Securities. The precious metal had settled at Rs59,600 per 10 grams in the previous trade. Silver also dipped by Rs300 to Rs72,800 per kg.

“On Thursday, gold traded lower with spot prices in the Delhi market at Rs59,300 per 10 grams, down by Rs300 from its previous close,” said Dilip Parmar, research analyst at HDFC Securities. In the global markets, both gold and silver were trading lower at $1,895.5 per ounce and $22.65 per ounce, respectively. “Gold price hovered around five-month lows as the US dollar and treasury yields gained momentum after recent upbeat economic data added weight to expectations that the Federal Reserve would carry on with its monetary policy tightening,” said Navneet Damani, senior vice-president, commodity research, at Motilal Oswal Financial Services.