Gold, silver prices in divergent trading

New Delhi: Gold prices softened Rs370 to Rs59,180 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 Rs59,550 per 10 grams. Silver also plunged Rs550 to Rs70,950 per kilogramme. “Gold edged lower on Friday, with spot gold prices in the Delhi markets trading at Rs59,180/10 gram down by Rs370 per 10 gram,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.

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