Gold prices on February 4 dropped by ₹388 to ₹41,270 per 10 gram in the national capital in line with sell-off in global prices and rupee appreciation, according to HDFC Securities.
Likewise, silver also fell by ₹346 to ₹47,080 per kg from ₹47,426 per kg in the previous trade.
Gold had on Monday closed at ₹41,658 per 10 gram.
“Spot gold for 24 Karat in Delhi plunged by ₹388 in line with sell-off in global gold prices and rupee appreciation. Spot rupee was trading around 18 paise stronger against the dollar during the day,” HDFC Securities Senior Analyst(Commodities) Tapan Patel said.
In opening trade on Feb. 4, the rupee appreciated by 19 paise to 71.19 against the U.S. dollar.
In the international market, gold was quoting lower at $1,570 per ounce, while silver was ruling flat at $17.73 per ounce.
“Gold prices declined as global markets bounced back with stable Chinese indices after China central bank infused liquidity,” he added.
