Gold price declined on Wednesday by Rs 614 to Rs 50,750 per 10 grams in the national capital amid lower price for the yellow metal in the international market, according to HDFC Securities.
In the previous trade, it had closed at Rs 51,364 per 10 grams.
Silver also tanked by Rs 1,898 to Rs 59,720 per kilogram from its previous close of Rs 61,618 per kilogram.
"Spot gold prices for 24 carat in Delhi extended decline by Rs 614...," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
In the international market, gold was quoting lower at USD 1,874 per ounce and silver was also trading with losses at USD 23.26 per ounce.
Gold price continued on the downside on stronger dollar as the investors switched to dollar as a safe-haven avenue on fears of second wave of virus infections, he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU