Gold prices decline after 7 days of back-to-back gains; silver falls 9%

Gold prices in the national capital on Tuesday witnessed a fall after rising for the past seven days and declined Rs 187 to Rs 52,846 per 10 gram, in tandem with weak international trends, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 53,033 per 10 gram.

Silver also tumbled Rs 1,933 to Rs 64,297 per kg, against Rs 66,230 per kg on Monday.

Both gold and silver have witnessed decline after seven days of gain, according to HDFC Securities.

"Spot gold prices for 24 karat in Delhi witnessed correction by Rs 187 with a decline in international gold prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold was quoting lower at USD 1,923 per ounce and silver at USD 23.60 per ounce.

"Gold prices witnessed profit-booking on dollar recovery," he added.