Gold declines Rs 557, silver tumbles Rs 1,606
Gold prices declined by Rs 557 to Rs 52,350 per 10 gram in the national capital on Tuesday, according to HDFC Securities. Silver prices also tumbled Rs 1,606 to Rs 66,736 per kg from its previous close of Rs 68,342 per kg. In the previous trade, gold had closed at Rs 52,907 per 10 gram.
Spot gold prices for 24 carat in Delhi continued to decline and fell by Rs 557 amid stronger rupee, HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
The rupee pared its early gains and settled for the day on a flat note at 74.33 against the US dollar on Tuesday, tracking muted domestic equities.
In the international market, gold was quoting marginally higher at USD 1,930 per ounce, while silver was flat at USD 26.45 per ounce.
"Gold prices traded steady on weaker dollar and worries over rising virus cases in Asia and Europe. However, positive sentiments over signs of resumption in the US-China trade talks kept upside limited in the prices," Patel added.
Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said, "Gold prices had recouped some of the losses in yesterday's session although it failed to show strength and edged lower. Movement in dollar and hopes for coronavirus treatment is responsible for the volatility in precious metal."
