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According to HDFC Securities, gold prices declined by Rs 270 to Rs 59,480 per 10 grams in the national capital on April 3 amid a weak global trend.
In the previous trade, gold had closed at Rs 59,750 per 10 grams.
Silver also fell by Rs 320 to Rs 71,780 per kg.
HDFC Securities Senior Analyst – Commodities, Saumil Gandhi said, “Gold was trading at ₹59,480 per 10 grams, down from ₹270 per 10 grams in Delhi markets.”
In the overseas market, both gold and silver were trading lower at $1,964 an ounce and $23.80 an ounce, respectively.
“Comex gold prices declined in Asian trading hours on Monday after a surprise OPEC cuts production This raised inflation concerns and raised bets that the US Federal Reserve may have to continue its accommodative policy path amid high inflation.
“The prices also declined as the US dollar and benchmark Treasury yields edged higher in the trading session,” said Sriram Iyer, Senior Research Analyst at Reliance Securities.