Gold falls Rs 420; silver tumbles Rs 869

Gold price fell Rs 420 to Rs 54,554 per 10 grams in the national capital on Thursday amid weak global trends, according to Securities. In the previous trade, the precious metal had closed at Rs 54,974 per 10 grams.

Silver also tumbled Rs 869 per kg to Rs 68,254 per kilogram.

In the international market, gold was trading in red at USD 1,788 per ounce while silver was down at USD 23.14 per ounce.

“Comex Gold prices are trading lower in the Asian trading hours on back of hawkish tone from US Fed. Fed Chairman Powell signalled more rate hikes possible next year to cool down inflation at targeted level,” said Dilip Parmar, Research Analyst at HDFC Securities

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