Gold plunges Rs 360; silver tumbles Rs 1,200

Gold prices declined by Rs 360 to Rs 59,750 per 10 grams in the national capital on Wednesday amid weak cues from overseas markets, according to HDFC Securities. The precious metal had ended at Rs 60,110 per 10 grams in the previous trade.

Silver also tumbled Rs 1,200 to Rs 72,300 per kilogramme.

"Gold extended losses on Wednesday, with spot gold prices in the Delhi markets trading at Rs 59,750/10 grams, down Rs 360 per 10 grams, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.


In the international markets, gold and silver were trading lower at USD 1,936 per ounce and USD 23.09 per ounce, respectively.

"Federal Reserve Chair Jerome Powell will deliver his semi-annual testimony to Congress later today, which could provide more insight on the interest-rate path ahead," Gandhi said.