Gold dips Rs 243, silver declines by Rs 216

Gold dips Rs 243 to Rs 49,653 per 10 gram, silver declines by Rs 216

In the previous trade, the yellow metal had closed at Rs 49,896 per 10 gram

Representative image. Credit: AFP.

Gold prices fell Rs 243 to Rs 49,653 per 10 gram in the national capital on Tuesday, reflecting the weakness in global price of the precious metal, according to HDFC Securities.

In the previous trade, the yellow metal had closed at Rs 49,896 per 10 gram.

Silver prices also declined Rs 216 to Rs 67,177 per kilogram from Rs 67,393 per kilogram in the previous trade.

In the international market, gold and silver were trading lower at USD 1,868 per ounce and USD 25.70 per ounce, respectively.

"Gold prices declined on stronger dollar index," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Navneet Damani, VP – Commodities Research at Motilal Oswal Financial Services, said, "Gold saw some selling pressure after trading higher in the early morning session, as support from the US Congress passing a long awaited near USD 900 billion coronavirus aid was countered by a stronger dollar, while some profit booking also weighed on sentiment."