Gold tumbles Rs 900; silver declines Rs 200

New Delhi: Gold price tumbled Rs 900 to Rs 61,300 per 10 grams in the national capital on Monday amid weak cues in global markets, according to HDFC Securities.

The precious metal had closed at Rs 62,200 per 10 grams in the previous trade.

Silver also declined Rs 200 to Rs 76,000 per kilogram.

HDFC Securities' senior analyst of commodities Saumil Gandhi said gold prices dropped to a three-week low in Monday's session following an uptick in US Treasury yields and the dollar after the upbeat US jobs data.

In the overseas market, gold was trading lower at USD 1,995 per ounce while silver was flat at USD 22.98 per ounce.

Spot gold at Comex was trading at USD 1,995 per ounce, down by USD 10 from its previous close.

Traders predict gold prices to remain bearish after a sharp reversal in their trend last week. However, macro events such as the release of the US Consumer Price Index (CPI) data and the US Federal Reserve policy meeting will have an impact on the gold price this week, Gandhi said.