Gold declines ₹270, silver plunges ₹320

Gold prices traded down after a surprise output cut from OPEC that sparked inflation concerns, according to an expert

Image for representational purpose only. | Photo Credit: Reuters

Gold price declined ₹270 to ₹59,480 per 10 gram in the national capital on April 3 amid weak global trends, according to HDFC Securities.

The precious metal had settled at ₹59,750 per 10 gram in the previous trade.

Silver also plunged ₹320 to ₹71,780 per kg.

"Spot gold prices in the Delhi markets traded at ₹59,480 per 10 gram, down ₹270 per 10 gram," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

In the overseas market, both gold and silver were trading lower at $1,964 per ounce and $23.80 per ounce, respectively.

"Comex gold prices traded down in Asian trading hours on Monday after a surprise output cut from OPEC that sparked inflation concerns and raised bets that the U.S. Federal Reserve may have to continue its aggressive policy path amid elevated inflation.

"Prices also pulled back as the U.S. dollar and the benchmark treasury yields remained elevated in the trading session," Sriram Iyer, Senior Research Analyst at Reliance Securities, said.