Gold plunges Rs 774 tracking tepid global cues

The yellow metal had closed at Rs 52,529 per 10 gram here in the previous trade.

New Delhi: Gold prices on Thursday plunged Rs 774 to Rs 51,755 per 10 gram in the national capital following a decline in global prices, according to HDFC Securities.

The yellow metal had closed at Rs 52,529 per 10 gram here in the previous trade.

Silver prices also tumbled Rs 1,908 to Rs 69,176 per kilogram from Rs 71,084 per kilogram in the previous trade.

“Spot gold prices for 24 carats in Delhi plunged Rs 774 with fall in international prices,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold was trading lower at USD 1,934 per ounce, while silver was quoting flat at USD 27.24 per ounce.

READ:  Sensex, Nifty spiral lower for 4th day; IT stocks buck trend

“Gold prices continued downtrend on strong dollar recovery against major currencies,” Patel said.

He added that positive US economic data also boosted investors’ appetite for riskier assets.

Navneet Damani, VP Commodities Research, Motilal Oswal Financial Services said, “Gold fell marginally after the dollar rose against its major crosses and a strong rebound in the US manufacturing sector fuelled hopes of recovery in the coronavirus-hit economy.”

Subscribe us on The Siasat Daily - Google News
Back to top button