Gold price tumbled by ₹480 to ₹58,770 per 10 gram on Wednesday

Gold price tumbled Rs 480 to Rs 58,770 per 10 gram in the national capital on Wednesday amid a fall in rates of the precious metal internationally, according to HDFC Securities. The yellow metal had settled at Rs 59,250 per 10 gram in the previous trade.

Silver also declined Rs 345 to Rs 68,850 per kilogram.

"Spot gold prices in the Delhi markets traded at Rs 58,770 per 10 gram, down Rs 480 per 10 gram," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

In the overseas market, both gold and silver were quoting lower at USD 1,939 per ounce and USD 22.34 per ounce, respectively.

Comex gold prices traded lower in Asian trading hours on Wednesday after prices corrected by almost 1.80 per cent in the previous session.

In the last two sessions, comex gold price fell more than 3 per cent from its recent peak of USD 2,010 per ounce as fear of banking crisis eased and investors trimmed their position before the Federal Reserve policy outcome later on Wednesday, Gandhi said.

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