Gold slumps Rs 222 on weak global cues

New Delhi, Feb 28 () Gold prices on Friday fell by Rs 222 to Rs 43,358 per 10 gram in the national capital in line with weak trend in global markets, according to HDFC Securities.

The precious metal had closed at Rs 43,580 per 10 gram in the previous trading session.

Silver prices also declined by Rs 60 to Rs 48,130 per kg from Rs 48,190 per kg.

"Spot gold for 24 Karat Gold at Delhi plunged by Rs 222 with sharp fall in international gold prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Owing to sharp depreciation in Indian rupee, the gold prices might not see further downfall, he said. The spot rupee was trading 50 paise weaker against the dollar during the day.

He attributed the decline in yellow metal prices to investors switching to safer investment tool such as bonds.

In the international market, both gold and silver were trading lower at USD 1,632 per ounce and USD 17.25 per ounce, respectively. RUJ SHWSHW