India News | Gold Slumps Rs 420; Silver Plummets Rs 1,900

New Delhi, Jan 4 (PTI) Gold price slumped Rs 420 to Rs 63,550 per 10 grams in the national capital on Thursday amid weak cues in the international markets, according to HDFC Securities.

In the previous trade, the precious metal had settled at Rs 63,970 per 10 grams.

Also Read | Remarks Against PM Narendra Modi: Supreme Court Refuses To Quash Criminal Proceedings Against Congress Leader Pawan Khera.

Silver also plummeted Rs 1,900 to Rs 76,900 per kilogram, while it had closed at Rs 78,800 per kg in the previous close.

"Gold edged lower on Thursday, with spot gold prices (24 carats) in the Delhi markets trading at Rs 63,550/10 grams, down by Rs 420 following bearish trends in the overseas markets," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

Also Read | Mumbai Trans Harbour Link To Open Soon, Toll Fixed at Rs 250 Per Car, Say Officials.

In the global markets, gold and silver were quoting lower at USD 2,042 per ounce and USD 23.05 per ounce, respectively.

Gandhi said that Comex gold prices fell to a two-week low as uncertainty around the US Federal Reserve's plan to reduce interest rates contributed to prevailing risk-off sentiment among traders.

There is uncertainty on interest rate cut timeframe after the release of the minutes of the Federal Open Market Committee (FOMC) meeting held last month.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)