Gold declines Rs 365 amid weak global trends

Gold price in the national capital fell Rs 365 to Rs 51,385 per 10 grams on Monday reflecting a decline in international precious metal prices along with rupee depreciation, according to HDFC Securities. The yellow metal had closed at Rs 51,750 per 10 grams in the previous trade.

Silver also plunged by Rs 1,027 to Rs 55,301 per kg from Rs 56,328 per kg in the previous trade.

The rupee depreciated 31 paise to an all-time low of 80.15 against the US dollar in early trade on Monday, tracking the strength of the American currency and firm crude oil prices.

In the international market, gold was quoting lower at USD 1,721 per ounce, while silver was flat at USD 18.62 per ounce.

“Gold prices extended fall pressured by stronger dollar and hawkish Fed,” said Tapan Patel, Senior Analyst (Commodities) at Securities.

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