Gold prices decline by ₹420, silver prices jump by ₹500

The prices of gold declined by ₹420 to ₹60,380 per 10 gram in the national capital on Thursday amid a fall in prices of the precious metal overseas.

The yellow metal had closed at ₹60,800 per 10 gram in the previous trade. Silver, however, jumped ₹500 to ₹73,300 per kilogram.

"Spot gold prices for the Delhi market traded at ₹60,380/ per 10 gram, down by ₹420 per 10 gram," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

Gold prices came under pressure on the back of a rally in US bond yields on expectations of further tightening of the interest rates by the US Fed, Gandhi said.

In the international market, gold rose on Thursday on a slight pullback in the dollar but investor caution surrounding the Federal Reserve's interest rate strategy and other economic cues that may influence it kept bullion hemmed in a relatively tight range.

Spot gold rose 0.4% to $1,946.58 per ounce by 0937 GMT after shedding 1% in the previous session. U.S. gold futures rose 0.2% to $1,961.50.

Gold prices tumbled on Wednesday settling at their lowest level in more than a week as investors awaited further clues on the Federal Reserve's interest rate path . Further, bullion prices were pressurised as US 10 -year treasury yields rose to a more than one -week high