The national capital saw a decrease of Rs 357 per 10 grams in gold price on Wednesday. According to HDFC Securities, the price of gold in Delhi fell to Rs 50,253 per 10 grams after this price decrease. In the previous session, the closing price of gold was at Rs 50,610 per 10 grams. According to Securities, this significant decline was seen in the price of gold on Wednesday due to increase in the value of the rupee and reduced demand from investors. Similarly, the price of silver also fell by Rs 532 to Rs 62,639 per kg. In the previous session, the spot price of silver was at Rs 63,171 per kg.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "24-carat gold fell to Rs. 357 in Delhi due to the rise in the value of the rupee despite a firming global price."
He said that during the business of the day, there was a strength of 32 paise in the rupee.
Patel said that after positive news about two Covid-19 vaccines came out in a month, investors showed caution and saw a decrease in gold prices.
He said, "With no economic data available, gold is expected to trade softly." However, the uncertainty associated with the growing cases of coronaviruses and the new US administration after the election may help offset the decline. ''
Gold price internationally
There was a spurt in the price of gold in the global market. The gold price internationally stood at $ 1,882 an ounce. At the same time, silver was at $ 24.57 an ounce.
Gold and silver prices in futures market
On the Multi Commodity Exchange, gold for delivery in December was down by Rs 291, or 0.57 per cent, at 50,475 per 10 grams. It had business for 7,626 lots. Silver for December delivery was trading at Rs 284, or 0.45 per cent, at Rs 62,964 per kg on MCX. It traded for 12,931 lots.