Representative image. Credit: iStock Gold prices fell Rs 357 to Rs 50,253 per 10 gram in Delhi on Wednesday on rupee appreciation and muted demand by investors, according to HDFC Securities.
The yellow metal had closed at Rs 50,610 per 10 gram in the previous trade.
Silver prices also declined Rs 532 to Rs 62,639 per kilogram from Rs 63,171 per kilogram on Tuesday.
"Spot gold prices for 24 karat gold in Delhi fell by Rs 357, pressured by sharp rupee appreciation on central bank interventions despite firm global prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.He added that the rupee was trading around 32 paise stronger against the dollar during the day.Gold prices were muted as investors turned cautious about safe-haven buying on two positive announcements about COVID-19 vaccines in a month, Patel said."Gold prices are expected to trade sideways to down in absence of any major triggers from economic […]
- Do contribute something to the discussion
- Do post factual information, analysis and your view on company valuations
- Do disclose if you have an interest in a security
- Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
- Do not complain about a post unless you have reported it first, and not on the forum.
- Do not post financial advice
- Do not advertise or post sponsored content