Gold drops Rs 350 to Rs 60,250/10 gm; silver nosedives Rs 1,900

New Delhi: Gold prices declined by Rs 350 to Rs 60,250 per 10 grams in the national capital on Friday amid weak cues in the overseas market, according to HDFC Securities.

The precious metal had ended at Rs 60,600 per 10 grams in the previous trade.

Silver also nosedived Rs 1,900 to Rs 76,000 per kilogramme.

In the international market, both gold and silver were quoting lower at USD 1,951 per ounce and USD 24.15 per ounce, respectively.

Gold prices came under pressure after stronger-than-expected US second-quarter GDP data signalled the US economy is doing well and possibly holding up to higher interest rates for a longer time.

Meanwhile, the dollar index surged to a two-week high and is trading up by 0.10 per cent at the 101.50 level against the previous close, which also weighed on precious metals, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.