Markets

Gold tumbles ₹232 on stronger rupee

Representational image. File

Representational image. File   | Photo Credit: Reuters

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Gold prices on Friday fell by ₹232 to ₹38,486 per 10 gram in the national capital on stronger rupee, according to HDFC Securities.

In the previous trade, the precious metal had closed at ₹38,718 per 10 gram.

“Spot gold for 24 Karat in Delhi fell by ₹232, reflecting overnight fall in international prices. Gold prices witnessed additional pressure on stronger rupee with fall in dollar index. The spot rupee was trading around 15 paise higher during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The Indian rupee appreciated by 33 paise to 70.50 against the US dollar in the early trade on Friday.

Silver prices fell marginally by ₹7 to ₹45,189 per kg from ₹45,196 per kg on Thursday.

In the international market, both gold and silver were trading with marginal gains at USD 1,470 per ounce and USD 16.93 per ounce, respectively.

Gold prices traded steady with international spot gold prices trading near USD 1,470 per ounce on Friday witnessing decline from recent highs on possible phase 1 trade deal between the US and China, Mr. Patel added.

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Printable version | Jan 28, 2020 7:51:46 AM | https://www.thehindu.com/business/markets/gold-tumbles-232-on-stronger-rupee/article30297292.ece

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