Gold prices fall Rs 274; silver drops by Rs 542

Gold prices in the national capital fell by Rs 274 to Rs 47,185 per 10 gram on Thursday, according to HDFC Securities.

On Wednesday, the precious metal had closed at Rs 47,459 per 10 gram. Silver prices also eased by Rs 542 to Rs 49,558 per KG against Rs 50,100 per KG in the previous trade.

"Spot gold prices for 24 carat gold at Delhi were trading down by Rs 274 reflecting overnight fall in global gold prices despite weaker rupee," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The retail jewellery stores are opening gradually in India with ease in lockdown, he added.

After a long gap, spot gold markets in the national capital reopened on Monday. The spot gold markets remained closed in the wake of the nationwide lockdown imposed since March 25 to curb spreading of COVID-19 infections. Lockdown restrictions have now been eased.

In the international market, gold was trading with gains at USD 1,704 per ounce, while silver was trading flat at USD 17.62 per ounce.