Gold price drops Rs 45,783 per 10 gram on muted global trends

Gold price on Wednesday dipped Rs 264 to Rs 45,783 per 10 gram in line with drop-in global precious metal prices, according to HDFC Securities.

The yellow metal had closed at Rs 46,047 per 10 gram, in the previous trade.

Silver also went lower by Rs 60 to Rs 67,472 per kilogram from Rs 67,532 per kilogram in the previous trade.

As per the international market, gold was quoting lower at USD 1,755 per ounce and silver was trading flat at USD 25.80 per ounce.

“Gold prices extended decline falling to two month low on Wednesday. Gold prices witnessed selling on dollar rally,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

Navneet Damani, VP Commodities Research, Motilal Oswal Financial Services said,

“Gold tumbled to two-month lows, taking a new crack at mid- 1,700 lows amidst a sharp rebound in the dollar.”

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