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Gold declines Rs 153 amid weak global trends

The yellow metal had ended at Rs 55,803 per 10 grams in the previous trade.

By Newsd
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Gold price in the national capital declined Rs 153 to Rs 55,650 per 10 grams on Friday amid a fall in precious metal prices globally, according to HDFC Securities.

The yellow metal had ended at Rs 55,803 per 10 grams in the previous trade.

Silver also fell Rs 7 to Rs 68,700 per kilogram.

”Gold price fall was extended after stronger than expected US job market data allowed US Fed to continue with higher interest rate,” said an analyst at HDFC Securities.

In the overseas market, gold was quoting lower at USD 1,839.6 per ounce while silver was flat at USD 23.46 per ounce.

The US job market data pushed US dollar to a fresh one-month high. Rising interest rates and higher dollar index tend to weigh on yellow metals, the analyst added.

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