Surging Greenback weighs on bullion prices

New Delhi: Gold price dropped by Rs150 to Rs61,350 per 10 gram in the national capital on Wednesday amid a decline in the precious metal’s price in overseas markets, according to HDFC Securities.

The yellow metal had ended at Rs61,500 per 10 gram in the previous trade. Silver also tumbled Rs950 to Rs73,600 per kg. In the global markets, gold and silver were trading down at $1,966 per ounce and $22.55 per ounce, respectively. “Gold fell due to an uptick in the dollar and hawkish comments from the US Federal Reserve members which emphasised on Tuesday that bringing inflation fully down to the central bank’s two per cent goal is their main focus,” said Saumil Gandhi, senior analyst (commodities) at HDFC Securities.