Gold prices plunged by Rs 505 to Rs 46,518 per 10 gram in the national capital on Wednesday following a fall in the global metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 47,023 per 10 gram. In-tandem with weak gold prices, silver also declined by Rs 828 to Rs 67,312 per kg from Rs 68,140 per kg in the previous trade.
In the international market, gold was quoting lower at USD 1,769 per ounce and silver was flat at USD 26.02 per ounce.
"Gold prices traded lower with spot gold prices at COMEX trading at $1,769 per ounce on Wednesday. Gold prices traded under pressure on dollar recovery ahead of US FOMC (Federal Open Market Committee) meeting," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.
Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services, said, "After trading steady for the first two sessions in this week, gold prices eased a bit as US yields rose in yesterday's session. Market participants awaited the US Fed's statement due later in the day, for cues on the central bank's monetary policy."