Gold declines Rs 614, silver tanks Rs 1,799

Gold prices in the national capital declined Rs 614 to Rs 52,314 per 10 gram on Wednesday tracking weakness in the international market, according to HDFC Securities.In the previous trade, gold had closed at Rs 52,928 per 10 gram.Silver also tanked Rs 1,799 to Rs 71,202 per kg from its previous close of Rs 73,001 per kg.

"Spot gold prices for 24 karat in Delhi were down Rs 614 with a decline in international prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold was quoting down at USD 1,963 per ounce and silver at USD 27.87 an ounce.

"Gold prices pared previous gains as investors switched to riskier assets after the US and China showed recovery in manufacturing activities," he added.

Reliance Securities Senior Research Analyst Sriram Iyer said, "Domestic prices witnessed a correction in Wednesday afternoon trade tracking the overseas prices."