Gold declines Rs 326, silver tanks Rs 945
Gold prices fell Rs 326 to Rs 52,423 per 10 gram in the national capital on Monday, in line with a weak global trend and rupee appreciation, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 52,749 per 10 gram. Silver prices also declined Rs 945 to Rs 68,289 per kilogram from Rs 69,234 per kilogram in the previous trade.
Meanwhile, the rupee strengthened 7 paise and closed at 73.38 (provisional) against the US dollar on Monday, even as domestic equities plunged.
In the global market, gold was trading lower at USD 1,940 per ounce, while silver was quoting flat at USD 26.50 per ounce.
"Gold prices traded under pressure on dollar recovery," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said, "Gold prices erased earlier gains to trade lower due to an uptick in dollar.
