Gold price declined ₹250 to ₹59,800 per 10 grams in the national capital on August 10 amid weak cues in the overseas market.
| Photo Credit: REUTERS

Gold price declined ₹250 to ₹59,800 per 10 grams in the national capital on August 10 amid weak cues in the overseas market, according to HDFC Securities.

The precious metal had closed at ₹60,050 per 10 grams in the previous trade.

Silver also plunged ₹300 to ₹73,300 per kg.

Gold declined further on August 10, with spot gold prices in the Delhi markets trading at ₹59,800/10 grams (the lowest level since July 13), down by ₹250 against its previous day close, Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the global markets, gold and silver were quoting lower at $1,919 per ounce and $22.80 per ounce, respectively.

Today’s U.S. CPI inflation data for July will be crucial for the metal. Softer than expected CPI (Consumer Price Index) data may support the metal prices to some extent.

However, the upside may remain capped as most of the recent US macroeconomic data have been mostly upbeat, Praveen Singh – Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.