Gold & Silver

Gold drops ₹68 on rupee appreciation, weak demand

PTI New Delhi | Updated on November 26, 2019 Published on November 26, 2019

The absence of strong demand in physical market kept gold prices under pressure in India. File Photo   -  Reuters

Gold prices on Tuesday fell by ₹68 to ₹38,547 per 10 gram in the national capital on rupee appreciation and weak demand, according to HDFC Securities. Gold had closed at ₹38,615 per 10 gram on Monday, it said.

“Spot gold prices for 24 Karat in Delhi fell by ₹68 on rupee appreciation and weak global prices. The spot rupee was trading around 16 paise stronger against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said. The absence of strong demand in physical market kept gold prices under pressure in India, he added.

The rupee on Tuesday appreciated by 8 paise to 71.66 against the US dollar in early trade propelled by foreign capital inflows and gains in domestic equity market.

Silver also fell marginally by ₹39 to ₹45,161 per kg from ₹45,200 per kg in the previous trade.

In the global market, both gold and silver were trading flat at USD 1,455.30 per ounce and USD 16.88 per ounce, respectively. “Gold prices dived to two weeks lows on restored confidence in US-China trade talks,” Patel said.

Published on November 26, 2019
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