Gold, silver prices see volatility throughout the week
- Gold prices slipped below ₹46,500 last week marking an eight-month low.
Gold prices remained volatile throughout the week with prices dropping by ₹661 on Friday bringing the cost of the precious metal to ₹46,847. The price drops are in line with the global price drops.
Gold prices rose marginally on Thursday by ₹36 to ₹47,509 per 10 gram in line with firm global prices across international markets. The week started on a bright note for gold prices as it gained ₹94 to ₹46,877 per 10 gram on Monday. Silver prices also saw a spike of ₹340 to ₹68,391 per kg, from ₹68,051 per kg on Monday. The bright start was attributed by experts to the recovery in international prices. A report by PTI citing HDFC securities said that stimulus hopes in the United States (US) were also responsible for the rise in prices of gold.
“Gold prices traded up from support levels on disappointing US payroll data and stimulus hopes,” Tapan Patel, HDFC Securities Senior Analyst (Commodities), was quoted as saying by news agency PTI.
US stimulus hopes also powered gold prices on Tuesday as prices rose by ₹495 to ₹47,559 per 10 grams, one of the biggest gains of the week for the precious metal, while silver prices fell by ₹99 to ₹68,391 per kg.
Silver prices fell by ₹783 to ₹68,884 per kg on Wednesday, while gold prices fell marginally by ₹38 to ₹47,576 per 10 grams due to rupee appreciation which led to the capping in the price of the precious metal.
Silver prices soared by ₹454 on Thursday to ₹69,030 per kg, from ₹68,576 per kg in the previous trade. Gold prices gained marginally by ₹36 to ₹47,509 per 10 gram. Gold prices slipped below ₹46,500 last week marking an eight-month low. “Prices are attractive, but consumers are hoping they could fall further. They are delaying buying,” Ashok Jain, a proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji was quoted as saying by news agency Reuters.