BUSINESS
Gold drops Rs 543; silver tumbles Rs 2,121
New Delhi: Gold prices in the national capital dropped Rs 543 to Rs 51,625 per 10 grams on Monday amid a decline in the prices of precious metal in the international market, according to HDFC Securities.
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In the previous trade, the yellow metal had touched Rs 52,168 per 10 grams.
Silver also tumbled by Rs 2,121 to Rs 59,725 per kilogram from Rs 61,846 per kg.
In the international market, gold was trading in red at USD 1,683.05 per ounce while silver was down at USD 19.74 per ounce.
“The strong US jobs data intensified concerns that the US Federal Reserve will be more aggressive with interest rate hikes. Rising rates make gold less attractive as an investment mean,” said Dilip Parmar, Research Analyst at HDFC Securities.
