Gold Declines Rs 250 To Rs 59,800/10 gms; Silver Tumbles Rs 300

Gold price declined Rs 250 to Rs 59,800 per 10 grams in the national capital on Thursday amid weak cues in the overseas market, according to HDFC Securities.
     
The precious metal had closed at Rs 60,050 per 10 grams in the previous trade.
     
Silver also plunged Rs 300 to Rs 73,300 per kg.
     
Gold declined further on Thursday, with spot gold prices in the Delhi markets trading at Rs 59,800/10 grams (the lowest level since July 13), down by Rs 250 against its previous day close, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.
     
In the global markets, gold and silver were quoting lower at USD 1,919 per ounce and USD 22.80 per ounce, respectively.
     
Today's US CPI inflation data for July will be crucial for the metal. Softer than expected CPI (Consumer Price Index) data may support the metal prices to some extent.
    
However, the upside may remain capped as most of the recent US macroeconomic data have been mostly upbeat, Praveen Singh - Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.