Gold price fell by Rs 229 to Rs 47,074 per 10 gram in the national capital on Wednesday following a decline in global precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 47,303 per 10 gram. Silver prices also declined by Rs 717 to Rs 70,807 per kilogram from Rs 71,524 per kilogram in the previous trade.
In the international market, gold was trading lower at USD 1,832 per ounce, while silver remained flat at USD 27.38 per ounce.
"Gold prices traded under pressure on stronger dollar and rise in bond yields,"according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said,
"Gold prices eased from near three week highs, as a rise in US Treasury yields and a firmer dollar dented the metal's safe-haven appeal, while investors awaited US CPI data due later in the day."
(With PTI Inputs)