Gold declines Rs 650; silver tumbles Rs 1,000

New Delhi: The prices of gold tumbled Rs 650 to Rs 58,950 per 10 grams in the national capital on Thursday amid decline in the precious metal's prices in the overseas markets, according to HDFC Securities.

In the previous trade, the yellow metal had settled at Rs 59,600 per 10 grams.

Silver also nosedived Rs 1,000 to Rs 73,100 per kg.

Comex gold hit a six-month low as an uptick in the US dollar and treasury yields weighed on the precious metal, Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.

In the international markets, gold and silver were trading lower at USD 1,877 per ounce and USD 22.55 per ounce, respectively.

Market focus now turns to the revised US GDP growth rate for the second quarter and weekly jobless claims due later in the day, Navneet Damani, senior vice-president of commodity research at Motilal Oswal Financial Services, said.