Gold prices corrected by ₹420 to ₹41,210 per 10 gram in the national capital on January 7 amid a stronger rupee and profit-booking in international market for precious metal, according to HDFC Securities.
Silver prices also plummeted by ₹830 to ₹48,600 per kg from ₹49,430 per kg on January 6.
Gold hit its all-time high level on January 6 and later closed at ₹41,630 per 10 gram.
HDFC Securities Head - Advisory (PCG) Devarsh Vakil said, “Stronger rupee and profit-booking in international gold prices affected the domestic rates. Traders are optimistic about better demand after January 15 as marriage season and festive demand starts.”
The rupee appreciated by 22 paise to 71.71 against the U.S. dollar in early trade on January 7.
In the international market, gold was trading lower at $1,568 per ounce, while silver was also quoting down at $18.19 per ounce.
“Near term focus will remain on the U.S.-Iran tensions and U.S.-China trade deal. Any uncertain outcome will lead to higher bullion prices,” Mr. Vakil added.
