A salesman arranges gold ornaments on a display board inside a jewellery showroom in Kochi in this file phtoto.(Reuters Photo)
A salesman arranges gold ornaments on a display board inside a jewellery showroom in Kochi in this file phtoto.(Reuters Photo)

Gold prices saw mixed trend this week, close Rs 51,389 per 10 gram

On Monday, gold prices in the national capital went down by Rs 194 to Rs 50,449 per 10 grams amid weak global prices of the precious metal, HDFC Securities said according to a PTI report.
Hindustan Times, New Delhi | By hindustantimes.com | Edited by Meenakshi Ray
PUBLISHED ON OCT 04, 2020 11:55 AM IST

Gold prices fluctuated this week as it declined to Rs 50,449 per 10 gram on Monday and rose marginally to Rs 51,389 per 10 gram on Thursday in the national capital.

On Monday, gold prices in the national capital went down by Rs 194 to Rs 50,449 per 10 grams amid weak global prices of the precious metal, HDFC Securities said according to a PTI report. In the previous trade, gold had closed at Rs 50,643 per 10 gram. Silver also declined Rs 933 to Rs 59,274 per kilogram from its previous close of Rs 60,207 per kilogram.

“Spot gold prices for 24 karat in Delhi were down by 194 on weak global prices despite weaker rupee,” Tapan Patel, a senior analyst (commodities) with HDFC Securities, said.

Gold prices traded under pressure on Monday as investors are awaiting the US presidential election debate and key data from China. Gold prices were down despite weaker dollar on strong equity indices, Patel said.

Gold prices rallied Rs 663 to Rs 51,367 per 10 gram in the national capital on Tuesday, in line with the rise in international prices and rupee depreciation. The precious metal had closed at Rs 50,704 per 10 gram in the previous trade. Silver prices also jumped Rs 1,321 to Rs 61,919 per kilogram from Rs 60,598 per kilogram on Monday.

“Spot gold prices for 24 carats in Delhi rallied Rs 663, reflecting gains in international prices and rupee depreciation,” HDFC Securities’ Patel was quoted as saying by PTI.

The rupee depreciated 7 paise to settle at 73.86 (provisional) against the US dollar on Tuesday. In the international market, gold was quoting with gains at $1,882 per ounce, while silver was trading flat at $23.56 per ounce. Gold prices traded higher ahead of the US presidential election debate, Patel added.

“Gold prices edged higher, erasing early losses as the dollar retreated from a two-month peak ahead of the US presidential debates scheduled later today and progress on the new coronavirus relief bill, although a stock market rebound capped gains in bullion,” Navneet Damani, vice president of Commodities Research at Motilal Oswal Financial Services, said according to PTI.

The next day gold prices declined marginally by Rs 26 to Rs 51,372 per 10 gram in Delhi over weak global prices and rupee appreciation. In the previous trade, the precious metal had closed at Rs 51,398 per 10 gram. Silver prices also declined Rs 201 to Rs 62,241 per kilogram from Rs 62,442 per kilogram in the previous trade.

Gold traded under pressure as prices pared previous gains on a stronger dollar amid rising hopes for US stimulus package, Patel said.

On Thursday, gold prices rose marginally by Rs 37 to Rs 51,389 per 10 gram in Delhi in line with a positive global trend. However, stronger rupee kept upside limited in the precious metal. The yellow metal had closed at Rs 51,352 per 10 gram in the previous trade.

Silver prices, however, declined Rs 915 to Rs 61,423 per kilogram from Rs 62,338 per kilogram in the previous trade. Gold prices traded higher on Thursday on uncertainty over US stimulus and dollar fluctuations, PTI cited Patel as saying.

(With PTI inputs)

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