Gold declines, silver tumbles in Indian and overseas markets

Gold price declined by Rs 355 but it still stayed above Rs 60,095 per 10 gram in the national capital on Monday amid weak global cues, according to HDFC Securities.

In the previois trade, the precious metal had settled at Rs 60,450 per 10 gram.

Similar to gold, silver also tumbled Rs 420 to Rs 73,680 per kg.

"Spot gold prices in the Delhi markets traded at Rs 60,095 per 10 gram, weakened by Rs 355 per 10 gram," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

While gold and silver were down in Indian market, they suffered a similar fate in overseas markets too.

In the overseas market, gold and silver were trading lower at USD 1,997 per ounce and USD 24.85 per ounce, respectively.

"COMEX gold was trading in the red in Asian trading hours on Monday after the US nonfarm payrolls report pointed to a tight labour market and raised the odds of another rate hike by the US Fed at its policy meeting in May," Sriram Iyer, Senior Research Analyst at Reliance Securities, said.

(With inputs from PTI)