Delhi: Price of gold declines Rs 640, silver tumbles Rs 700 amid weak global trends

Amid weak global trends, a decline in the prices of gold and silver was recorded on Monday.

According to the data given by HDFC Securities, gold prices declined by Rs 640 to Rs 59,220 per 10 grams in Delhi. The precious metal price had ended up at Rs 59,860 per 10 grams on Friday, reports news agency PTI.

Apart from gold, silver too tumbled by Rs 700 to Rs 70,140 per kilogram in the national capital. 

Gold prices traded lower during Asian trading hours

The present trading of gold and silver is affected by overseas markets, wherein both gold and silver were trading lower. While gold was trading at USD 1,967.64 per ounce, silver was trading at USD 23.02 per ounce in the international market. 

Senior Analyst-Commodities at HDFC Securities, Saumil Gandhi said, "Spot gold prices in the Delhi market traded at Rs 59,220 per 10 grams, down Rs 640 per 10 grams." It was further added that silver too was trading at Rs 70,140 per kilogram with a decline of Rs 700 during the early trade. 

As per reports, gold prices traded lower in Asian trading hours too on Monday.

Notably, the price of both gold and silver in the national capital is determined by the prices in the international market. The variety of reasons, which implicates the price of both metals includes global trend, economic policies, economic growth and the strength of the Rupee against the US Dollars are said to be the key factors.