Gold declines by Rs 353; silver drops Rs 123

Gold in the national capital on Wednesday declined by Rs 353 to Rs 50,509 per 10 grams amid muted global trends along with rupee appreciation, according to HDFC Securities.

In the previous trade, the precious metal finished at Rs 50,862 per 10 grams.

Silver dipped Rs 123 to Rs 60,834 per kg from Rs 60,957 per kg in the previous trade.

On Wednesday, the rupee recovered from its record low to close 20 paise higher at 77.51 (provisional) against the American currency.

In the international market, both gold and silver traded flat at USD 1,836.44 per ounce and USD 21.62 per ounce, respectively.

"Gold prices traded steady with spot prices at COMEX trading almost flat near USD 1,836 per ounce on Wednesday. Gold prices capped upside on stronger dollar and firm US bond yields," said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.