New Delhi | Jagran Business Desk:  Gold prices declined by Rs 614 to Rs 52,314 per 10 gram in the national capital on Wednesday, according to HDFC securities. The fall in the price of the yellow metal is attributed to the weak demand in the international market. On Tuesday, the precious metal had edged higher by Rs 418 to close at Rs 52,963 per 10 grams. The price of Silver also dropped by Rs 1,799 to Rs 71,202 per kg on Wednesday. In the previous trade,  Silver rates had jumped Rs 2,246 to Rs 72,793 per kilogram on cue of heavy buying interest. 

 "Spot gold prices for 24 karat in Delhi were down Rs 614 with a decline in international prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel told PTI.

In the international market, rates of Gold and silver quoted down at USD 1,963 per ounce and USD 27.87 an ounce respectively as investors moved to riskier assets amid signs of recovery in the bullion trade.

 "Gold prices pared previous gains as investors switched to riskier assets after the US and China showed recovery in manufacturing activities," he added.

Speaking with the news agency, Reliance Securities Senior Research Analyst Sriram Iyer also noted that the correction in the domestic prices happened afternoon based on the changes in international rates of the yellow metal.

"Domestic prices witnessed a correction in Wednesday afternoon trade tracking the overseas prices.

Posted By: Rakesh Kumar Jha