Gold declines Rs 408 to Rs 52,847 per 10 grams; silver drops Rs 594

Gold price in the national capital declined Rs 408 to Rs 52,847 per 10 grams on Monday amid a fall in prices of precious metal in overseas markets, according to HDFC Securities.

In the previous trade, the yellow metal had settled at Rs 53,255 per 10 grams.

Silver also dropped by Rs 594 to Rs 61,075 per kilogram.

In the international market, gold was trading in red at USD 1,745.5 per ounce while silver was down at USD 20.83 per ounce.

"COMEX gold edged lower in Asia as a gauge of the dollar index gained. Market participants are waiting for fresh clues about the course of the Federal Reserve's monetary policy tightening path after the previous week's hawkish comment from Fed members," said Dilip Parmar, Research Analyst at HDFC Securities.