Gold Price Falls Rs 350, Silver Drops Rs 1,000 - HDFC Securities

New Delhi, Dec 29 (PTI) Gold prices tumbled Rs 350 to Rs 63,950 per 10 grams in the national capital on Friday amid weak cues in global markets, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 64,300 per 10 grams.

Silver also plummeted Rs 1,000 to Rs 78,500 per kilogram, while it had settled at Rs 79,500 per kg in the previous close.

Meanwhile, in the futures trade, the February contract of gold declined Rs 244 to Rs 63,145 per 10 grams on the MCX. Also, the March contract of silver plunged Rs 1,166 to Rs 73,793 per kilogram on the bourse.

In the overseas markets, gold and silver were trading lower at USD 2,070 per ounce and USD 23.80 per ounce, respectively.

Spot gold at Comex was trading at USD 2,070 per ounce, down by USD 10 from the previous close in the international markets.

Comex gold dropped as traders locked profit after the precious metal prices hit a three-week high in the previous session, HDFC Securities' Senior Analyst of Commodities Saumil Gandhi said.

Following a recovery in the dollar and rising US Treasury yields are also additional factors that weighed down on the yellow metal, Gandhi added.