The price of gold has fallen drastically on Wednesday. At the international level, the effect of reduction in the price of gold was also seen at the domestic level. According to HDFC Securities, on Wednesday, the price of gold fell by Rs 640 to Rs 54,269 per 10 grams in the national capital. In the previous session, the price of gold was at Rs 54,909 per 10 grams at the time of closing of the market. On the other hand, there was tremendous pressure on silver prices. Silver price fell by Rs. 3,112 to Rs. 69,450 per kg on Wednesday. In the previous session, the price of silver was Rs 72,562 per kg.

"Before the US Federal Open Market Committee (FOMC) minutes, gold lost the gains in the previous session due to the recovery in the dollar," said Tapan Patel, senior analyst (commodities) at HDFC Securities.

Talking about the global market, the price of gold declined to $ 1,988 an ounce. Similarly, silver was at $ 27.43 an ounce. At the same time, the effect of reduction in gold demand in the spot market was also seen in the futures market. On the Multi Commodity Exchange (MCX), the price of gold delivered in October was trending at Rs 53,210 per 10 gram, falling by Rs 361, or 0.67 per cent, on Wednesday. It traded 15,644 lots. Similarly, gold for December contract was down by Rs 339 i.e. 0.63 per cent at Rs 53,430 per 10 grams. It saw business for 2,461 lots.

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