Gold declines ₹120; silver plunges ₹500

Gold settles at ₹60,700 per 10 grams in the previous trade; silver plunges by ₹500 to ₹73,600 per kg

Photo used for representational purpose only. File | Photo Credit: K.K. Mustafah

Gold prices eased by ₹120 to ₹60,580 per 10 grams in the national capital on May 22 amid weak global trends, according to HDFC Securities.

The precious metal had settled at ₹60,700 per 10 grams in the previous trade.

Silver also plunged by ₹500 to ₹73,600 per kg.

"Spot gold prices in the Delhi markets traded at ₹60,580 per 10 grams, down ₹120 per 10 grams," Saumil Gandhi, senior analyst - commodities at HDFC Securities, said.

In the international market, both gold and silver were trading lower at $1,978 per ounce and $23.87 per ounce, respectively.

"Comex gold traded lower in Asian trading hours on May 22 as markets struggled for direction and traders cautiously awaiting updates from the U.S. debt ceiling negotiations," Sriram Iyer, senior research analyst at Reliance Securities, said.