Gold declines ₹ 92, silver tumbles ₹ 414

Gold dipped ₹ 92 to ₹ 48,424 per 10 grams in the national capital on Wednesday, according to HDFC Securities.

In the previous trade, the precious metal had closed at ₹ 48,516 per 10 grams.

Silver also went lower by ₹ 414 to ₹ 70,181 per kg, from ₹ 70,595 per kg in the previous trade.

In the international market, gold was trading marginally higher at USD 1,893 per ounce and silver was flat at USD 27.65 per ounce.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Gold prices are trading in a narrow range with dollar fluctuations as traders and investors are awaiting for fresh triggers from US inflation data." Motilal Oswal Financial Services Vice-President (Commodities Research) Navneet Damani said, "Gold price continues to trade in a range, as investors are holding back from making large bets ahead of the US inflation data and the ECB (European Central Bank) policy meeting later this week."

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