Markets

Gold prices dive ₹1,097/gm, silver crashes by ₹1,574 a kg

Gold prices on Friday crashed by ₹1,097 to ₹42,600 per 10 gram in the national capital as investors moved to other assets, including rupee after an appreciation in the domestic currency, according to HDFC Securities.

The stock market too rebounded after plunging over 10% in the opening session.

The yellow metal had closed at ₹43,697 per 10 gram in the previous session.

Silver prices also plummeted by ₹1,574 to ₹44,130 per kg from ₹45,704 per kg on Thursday.

Spot gold for 24 karat in Delhi was trading lower by more than ₹1,000 on rupee appreciation, HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

“The spot rupee was trading around 23 paise stronger against dollar during the day on RBI intervention,” he added.

The Indian rupee staged a recovery in the afternoon session, trading 36 paise higher against the US dollar, after the Reserve Bank stepped in to maintain sufficient liquidity in the panick-stricken currency market.

“Gold prices traded volatile on Friday with international spot gold prices hovering near USD 1,585 after witnessing sell-off on Thursday’s evening session,” Mr. Patel said.

Globally, gold was trading higher at USD 1,584 per ounce, while silver quoted lower at USD 15.65 per ounce.

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Printable version | Apr 2, 2020 3:33:55 AM | https://www.thehindu.com/business/markets/gold-prices-dive-1097gm-silver-crashes-by-1574-a-kg/article31060015.ece

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