Gold price fell Rs 101 to Rs 52,837 per 10 grams on Tuesday amid weak global trends, according to HDFC Securities.
In the previous trade, the yellow metal had settled at Rs 52,938 per 10 grams.
Silver also declined Rs 353 to Rs 61,744 per kilogram.
“Gold fell to the lowest level in more than a week as the dollar rose from session lows on hawkish comments from members of the US Federal Reserve reiterating their fight against inflation,” Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services, said.
In the international market, gold was quoting lower at USD 1,753.25 per ounce while silver was down at USD 21.23 per ounce.
“COMEX Gold declined amid overnight strength in the dollar index after a senior Federal Reserve official said that more rate hikes are coming.
The strengthening greenback pushed the bullion lower amid concern over China’s worsening Covid situation,” Dilip Parmar, Research Analyst at HDFC Securities, said.