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Gold tumbles ₹954 on strong rupee, global cues

Tue Feb 25 2020

 

Gold prices on Tuesday tumbled by ₹954 to ₹43,549 per 10 gram in the national capital on stronger rupee and selling in the global market, according to HDFC Securities.

 

The yellow metal had closed at ₹44,503 per 10 gram in the previous trading session.

 

Silver prices also fell by ₹80 to ₹49,990 per kg from ₹50,070 per kg on Monday.

 

The price of 999 and 995 purity gold in Delhi was trading lower by ₹770 at ₹44,030 per 10 gram and ₹43,880 per 10 gram, respectively as per TickerPlant.

 

“Gold prices pared previous gains with international spot gold prices witnessing correction on Tuesday, falling below USD 1,650. Spot gold for 24 karat in Delhi declined by ₹954 on broad selling in global prices and a stronger rupee,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

 

The spot rupee was trading around 16 paise stronger against the dollar during the day, he said.

 

The Indian rupee appreciated by 18 paise to 71.80 against the US dollar in early trade on Tuesday tracking gains in the domestic equity market and weakening of the American currency in the overseas market.

 

In the international market, both gold and silver were trading lower at USD 1,648 per ounce and USD 18.40 per ounce, respectively.

 

“The worries over spreading coronavirus may limit downside in gold prices,” Patel added.

 

Source: Hindu business line.