Gold lower by Rs 125; silver tanks Rs 339

Gold prices declined by Rs 125 to Rs 47,837 per 10 gram in the local market here on Wednesday in line with lower global prices, according to HDFC Securities.

In the previous trade, the precious metal settled at Rs 47,962 per 10 gram.

Silver also declined by Rs 339 to Rs 61,477 per kg from Rs 61,816 per kg in the previous trade.

In the international market, gold was trading lower at USD 1,799 per ounce and silver was flat at USD 22.67 per ounce.

"Gold prices traded weak with spot gold prices at COMEX trading down at USD 1,799 per ounce on Wednesday. 

Gold prices traded down with gold falling below USD 1,800 per ounce with market players looking for fresh cues post US FOMC meeting," Tapan Patel, senior analyst (commodities) at HDFC Securities, said.