Gold dropped ₹301 to ₹38,870 per 10 gram in the national capital on November 6 due to subdued global trend, according to HDFC Securities.
Silver prices also witnessed correction tumbling ₹906 to ₹46,509 per kg from ₹47,415 per kg in the previous trade.
On November 5, gold had closed at ₹39,171 per 10 gram.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Spot gold prices for 24 karat in Delhi were trading lower by ₹301 with overnight fall in global gold prices. The downside in gold prices was limited on the rupee depreciation.”
He further added that the spot rupee was trading 25 paise weaker against the dollar during the day.
In the global market, gold prices were trading almost flat at $1,486 an ounce, while silver was quoting flat at $17.54 per ounce.
“Gold prices traded steady on November 6 with COMEX international spot gold prices kept the steady trading range near $1,486 after falling more than 1 per cent on Tuesday,” he added.
