Markets

Gold declines ₹ 305 on muted global

People buying gold jewellery in November 2020.   | Photo Credit: V Raju

Gold in the national capital on Tuesday fell by ₹ 305 to ₹ 46,756 per 10 gram in line with a fall in international precious metal prices and rupee appreciation, according to HDFC Securities.

In the previous trade, the precious metal had closed at ₹ 47,061 per 10 gram.

Silver also dipped ₹ 113 to ₹ 67,810 per kilogram from ₹ 67,923 per kilogram in the previous trade.

The rupee advanced by 23 paise to 74.64 against the U.S. dollar in opening trade on Tuesday.

In the global market, gold was quoting lower at $ 1,768 per ounce and silver was flat at $ 25.90 per ounce.

"Gold prices traded under pressure after U.S. bond yields recovered from the recent lows. The yellow metal witnessed selling with rising in U.S. bond yields while prices were $10 away from touching $1,800 levels," according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said, "Gold came $10 short from touching $1,800 level in yesterday's session as the rebound in U.S. bond yields overpowered the support from sagging dollar."

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Printable version | May 7, 2021 6:19:45 PM | https://www.thehindu.com/business/markets/gold-declines-305-on-muted-global/article34367134.ece

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