February 4, 2020 5:49:43 pm
Gold prices on Tuesday dropped by Rs 388 to Rs 41,270 per 10 gram in the national capital in line with sell-off in global prices and rupee appreciation, according to HDFC Securities.
Likewise, silver also fell by Rs 346 to Rs 47,080 per kg from Rs 47,426 per kg in the previous trade.
Gold had on Monday closed at Rs 41,658 per 10 gram.
“Spot gold for 24 Karat in Delhi plunged by Rs 388 in line with sell-off in global gold prices and rupee appreciation. Spot rupee was trading around 18 paise stronger against the dollar during the day,” HDFC Securities Senior Analyst(Commodities) Tapan Patel said.
In opening trade on Tuesday, the rupee appreciated by 19 paise to 71.19 against the US dollar.
In the international market, gold was quoting lower at USD 1,570 per ounce, while silver was ruling flat at USD 17.73 per ounce.
“Gold prices declined as global markets bounced back with stable Chinese indices after China central bank infused liquidity,” he added.
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