Gold declines Rs 250; silver rallies Rs 1,200

The yellow metal had closed at Rs 58,950 per 10 grams in the previous trade.

New Delhi: Gold prices declined Rs 250 to Rs 58,700 per 10 grams in the national capital on Friday amid a fall in precious metal prices overseas, according to HDFC Securities.

The yellow metal had closed at Rs 58,950 per 10 grams in the previous trade.

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However, silver surged Rs 1,200 to Rs 74,300 per kilogram.

Delhi spot gold prices fell to their lowest level since March 19, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the global markets, gold was trading lower at USD 1,871 per ounce, while silver was up at USD 23.05 per ounce.

Gold have been trending lower since the beginning of the week, after the US Federal Reserve’s hawkish signal that interest rates would remain higher for longer, Gandhi said.