Markets

Gold slides ₹32 on stronger rupee, global cues

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Gold prices fell by ₹32 to ₹38,542 per 10 gram in the national capital on Monday due to rupee appreciation and selling in global market, according to HDFC Securities.

On Saturday, the precious metal had closed at ₹38,574 per 10 gram.

“Spot gold for 24 karat gold in Delhi was trading marginally lower by ₹32 on stronger rupee and overnight fall in gold prices. The spot rupee was trading around 7 paise stronger against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

However, silver prices rose ₹46 to ₹44,691 per kg from ₹44,645 per kg in the previous trade.

In the global market, gold was trading at $1,462 per ounce, while silver was quoting at $16.60 per ounce.

“Gold prices witnessed selling on risk on sentiments after the U.S. government data showed better than expected job creation and fall in unemployment rate. The positive optimism over the U.S.-China trade deal also pressured gold prices to trade lower,” Patel said.

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Printable version | Jan 24, 2020 3:57:29 PM | https://www.thehindu.com/business/markets/gold-slides-32-on-stronger-rupee-global-cues/article30257779.ece

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