New Delhi | Jagran Business desk: Gold prices on Wednesday declined to Rs 51,963 per 10 gram in the national capital, after a dip of Rs 210 amid a weak trend in the global market and rupee appreciation, according to HDFC Securities. The yellow metal had closed at Rs 52,173 per 10 gram in the previous trade. Silver prices also tumbled by Rs 1,077 to Rs 65,178 per kg from Rs 66,255 per kg in the previous trade.
"Spot gold prices for 24 carat in Delhi continued to decline, losing Rs 210 with selling in global prices and rupee appreciation," PTI quoted HDFC Securities Senior Analyst (Commodities) Tapan Patel as saying. The rupee settled 3 paise higher at 74.30 (provisional) against the US dollar on Wednesday, supported by positive domestic equities and sustained foreign fund inflows.
In the international market, gold was trading lower at USD 1,918 per ounce, while silver was quoting flat at USD 26.45 per ounce. "Gold prices continued downside on Wednesday on positive sentiment on vaccine hopes and easing US-China trade tensions," Patel said. Motilal Oswal Financial Services, VP – Commodities Research, Navneet Damani said, "Gold prices continue to fall as hopes surrounding a potential COVID-19 vaccine and positive signals on the US-China trade front buoyed risk sentiment.
On the Multi Commodity Exchange, gold contracts for October delivery traded higher by Rs 84, or 0.16 per cent, at Rs 51,008 per 10 gram in a business turnover of 15,726 lots. From August 7 highs of ₹56,200, gold prices in India have corrected about ₹5,000 per 10 gram.
Gold has been a popular hedge against inflation with investors increasingly looking at the precious metal for investment. During the coronavirus lockdown, while share markets were volatile many investors turned towards gold as a relatively safer investment.
Posted By: Rakesh Kumar Jha
