Gold falls Rs 70; silver jumps Rs 451

Gold price fell Rs 70 to Rs 56,842 per 10 grams in the national capital on Friday amid a fall in rates of precious metal internationally, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 56,912 per 10 grams.

Silver, however, jumped Rs 451 to Rs 68,874 per kilogram.

"Spot gold prices in the Delhi markets traded at Rs 56,842 per grams, down Rs 70 per 10 grams," said an analyst at HDFC Securities.


In the overseas market, gold was quoting lower at USD 1,924 per ounce while silver was up at USD 23.71 per ounce.

Comex gold prices traded negative in Asian trading hours on Friday, the analyst said.

"Gold prices fell due to a strong US economic data that could prompt the Federal Reserve to keep interest rates higher for longer. Fed officials are expecting the rates to be above 5 per cent by the end of this year," Navneet Damani, Senior VP - Commodity Research at Motilal Oswal Financial Services, said.

Move in Dollar Index and US Core PCE will be important to focus on, Damani said.