Gold plunges ₹ 1,049; silver tumbles ₹ 1,588

Silver also faced selling pressure.

A woman looks at a gold necklace at a jewellery showroom in Kolkata on November 13, 2020.

Gold prices plunged by ₹ 1,049 to ₹ 48,569 per 10 gram in the national capital on Tuesday following weak global cues and rupee appreciation, according to HDFC Securities.

In the previous trade, the precious metal had closed at ₹ 49,618 per 10 gram.

Silver also faced selling pressure as it tumbled by ₹ 1,588 to ₹ 59,301 per kg from ₹ 60,889 per kg in the previous trade.

In the international market, gold was quoting lower at USD 1,830 per ounce and silver was flat at USD 23.42 per ounce.

“Gold prices traded lower in the morning trade extending decline on vaccine hopes and Biden’s white house transition as US President,” HDFC Securities Senior, Analyst (Commodities) Tapan Patel said.

Navneet Damani, VP — Commodities Research, Motilal Oswal Financial Services said, “Gold fell as better-than-expected US business activity data and optimism over progress in COVID-19 vaccine boosted hopes for a swifter economic rebound and drove investors towards riskier assets.”