Gold prices fall by Rs 229, silver tumbles Rs 717 due to decline in global rates

New Delhi: Gold in the National Capital on Wednesday weakened by Rs 229 to Rs 47,074 per 10 gram following a decline in global precious metal prices, according to HDFC Securities. The precious metal had closed the previous trade at Rs 47,303 per 10 gram. Silver also dipped Rs 717 to Rs 70,807 per kilogram from Rs 71,524 per kilogram in the previous trade. In the international market, gold was trading lower at $ 1,832 per ounce, while silver remained flat at $27.38 per ounce. “Gold prices traded under pressure on stronger dollar and rise in bond yields,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel. Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said. “Gold prices eased from near three-week highs, as a rise in US Treasury yields and a firmer dollar dented the metal’s safe-haven appeal, while investors awaited US CPI data due later in the day.”