Gold costs declined by Rs 672 to Rs 51,328 per 10 gram within the nationwide capital on Tuesday on a weak international pattern, in accordance with HDFC Securities. The yellow metallic had closed at Rs 52,000 per 10 gram within the earlier buying and selling session. Silver costs additionally witnessed huge selloff with costs tanking Rs 5,781 to Rs 61,606 per kilogram from Rs 67,387 per kilogram within the earlier commerce.
“Spot gold prices for 24 carat in Delhi plunged Rs 672, reflecting selloff in international prices despite rupee depreciation,” HDFC Securities Senior Analyst (Commodities) Tapan Patel mentioned.
The rupee depreciated 20 paise and settled at 73.58 (provisional) in opposition to the US greenback on Tuesday, monitoring unfavourable home equities.
In the worldwide market, gold was buying and selling decrease at USD 1,900 per ounce, whereas silver depicted a flat pattern and was quoting at USD 26.12 per ounce.
“Gold prices extended decline with other asset classes on stronger dollar. Investors switched to dollar as safe-haven avenue on fears of second wave of virus infections in Europe and UK,” Patel added.
(With PTI Inputs)