Gold declines Rs 480; silver tumbles Rs 3,097

TIL Desk/Business/New Delhi/ Gold in the national capital declined by Rs 480 to Rs 47,702 per 10 gram on Tuesday in-line with fall in global precious metal prices, according to HDFC Securities. In the previous trade, the metal had closed at Rs 48,182 per 10 gram.

Silver also tumbled Rs 3,097 to Rs 70,122 per kilogram from Rs 73,219 per kilogram in the previous trade. In the international market, gold traded lower at USD 1,847 per ounce and silver also dipped to USD 27.50 per ounce.

“Gold prices declined on lack of progress over the US stimulus package and in absence of fresh triggers. Traders and investors also rushed to book some profits,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said, investors are witnessing some profit-booking from the highs, after yesterday’s Union Budget’s duty cut announcement.