Gold & Silver

Gold prices drop ₹300; silver tumbles ₹1,400

PTI New Delhi | Updated on September 09, 2019 Published on September 09, 2019

Spot gold was trading down in absence of physical demand and a stronger rupee.   -  istock.com

Prices of gold on Monday declined ₹300 to ₹39,225 per 10 gram at the bullion market here, in absence of demand and a stronger rupee, according to HDFC Securities. Silver was also on weak ground, tumbling ₹1,400 to ₹48,500 per kilogram.

“Spot gold prices for 24 karat (99.9 per cent purity) in Delhi was trading down by ₹300 in absence of physical demand and a stronger rupee,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said. He added that the festival demand has not picked up yet in the physical market due to higher gold prices.

The rupee appreciated 14 paise to 71.58 against the US dollar in early trade on Monday as China’s easing move and rate cut hopes by the US Fed enthused investors. In the international market, gold was trading flat at USD 1,506 per ounce in New York, while silver traded lower at USD 18.05 an ounce.

“Gold prices are expected to trade in a corrective phase in near term awaiting clarity on US Federal Reserve rate and progress on US-China trade talks,” Patel added. On Saturday, gold closed at ₹39,525 per 10 gram, while silver at ₹49,900 per kilogram.

Published on September 09, 2019

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.