Gold drops ₹68 on rupee appreciation, weak demand
Gold prices on Tuesday fell by Rs 68 to Rs 38,547 per 10 gram in the national capital on rupee appreciation and weak demand, according to HDFC Securities.
Gold had closed at Rs 38,615 per 10 gram on Monday, it said. "Spot gold prices for 24 Karat in Delhi fell by Rs 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 Rs 39 to Rs 45,161 per kg from Rs 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.
According to financial data provider TickerPlant, the Indian bulllion spot price for 0.999 gold in Delhi was last trading Rs 10 lower for the day at Rs 39,150 per 10 gram.
In Mumbai, rate was Rs 25 down at Rs 39,105, while in Ahmedabad it was Rs 15 down at Rs 39,105.
