Gold prices decline by `350 to `73,800/10 gms, silver drops `200

New Delhi: Gold prices declined by Rs 350 to Rs 73,800 per 10 grams in the national capital on Friday, according to the All India Sarafa Association.

In the previous session, gold of 99.9 per cent purity traded at Rs 74,150 per 10 grams.

Silver declined by Rs 200 to Rs 87,000 per kg from Rs 87,200 per kg in the previous day.

Meanwhile, gold of 99.5 per cent purity also dropped by Rs 350 to Rs 73,450 per 10 grams against Rs 73,800 per 10 grams on Thursday.

The yellow metal extended losses on Friday, weighed down by rising US Treasury yields and a recovery in the dollar index, market experts said.

Prices of precious metal were also influenced by the minutes of the last Monetary Policy Committee (MPC) released by RBI on Thursday.

Globally, gold at Comex gained $18.20 to trade at $2,534.90 per ounce. Silver was trading 1.24 per cent higher at $29.84 per ounce in the international markets.

Minutes from the US Federal Reserve’s July meeting revealed a strong inclination toward a rate cut next month, a move supported by at least two Fed officials, Prathamesh Mallya, DVP- Research, Non-Agri Commodities and Currencies, Angel One Ltd, said.