New Delhi | Jagran Business desk: Amid decline in global demand, Gold prices on Thursday plummeted by Rs 774 to Rs 51,755 per 10 gram in the national capital, according to HDFC Securities. Silver also witnessed a drop of Rs 1,908 to close at Rs 69,176 per kilogram. On Wednesday, the precious metal had declined by Rs 614 to close at Rs 52,314 per 10 gram,. In the previous trade, the price of silver also tanked by Rs 1,799 to close at Rs 71,202 per kg.

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"Spot gold prices for 24 carat in Delhi plunged Rs 774 with fall in international prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel told PTI.

In the global market too, gold was trading lower at USD 1,934 per ounce, while silver was quoting flat at USD 27.24 per ounce.

Patel noted that the downtrend in global prices continued amid string recovery of dollar against other currencies. He added that positive US economic data also boosted investors' appetite for riskier assets.

Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said, "Gold fell marginally after the dollar rose against its major crosses and a strong rebound in the US manufacturing sector fuelled hopes of recovery in the coronavirus-hit economy." Gold prices in India have corrected sharply from their record highs of ₹56,200 hit last month. However, analysts are expecting buying support for gold at lower levels

Posted By: Rakesh Kumar Jha