The price of gold was not stable during the week. On Monday, the yellow metal’s prices decreased to Rs 50,449 per 10 gram, while on Thursday, it boosted to Rs 51,389 per 10 gram in the national capital. On Monday, gold prices in the national capital decreased by Rs 194 and settled at Rs 50,449 per 10 grams. At the same time, gold stood at Rs 50,643 per 10 gram in the last trade. According to HDFC Securities, the decline was caused by weak global prices of the yellow metal.
Meanwhile, silver dropped by Rs 933 to Rs 59,274 per kilogram, while in the previous session, it stood at Rs 60,207 per kilogram.
Tapan Patel, a senior commodity analyst, reported that spot gold prices for 24 karats in Delhi decreased by Rs 194 amid weak global prices despite a weaker rupee. Moreover, commodity analysts noted that gold fell as investors are awaiting the US presidential election debate and key data from China. He said that the price of yellow metal declined despite a weaker dollar on strong equity indices.
On Tuesday, gold prices recovered by Rs 663 to Rs 51,367 per 10 gram in the national capital, while in previous trade, it stood at Rs 50,704 per 10 gram.
The white metal price also gained Rs 1,321 to Rs 61,919 per kilogram, while on Monday, it was Rs 60,598 per kilogram.
Spot Gold Prices For 24 Carats In Delhi Recovered By Rs 663
Patel reported that spot gold prices for 24 carats in Delhi recovered by Rs 663, reflecting gains in international costs and rupee depreciation,
The next day in Delhi, gold prices dropped by Rs 26 to Rs 51,372 per 10 gram. While in the previous session, the yellow metal stood at 51,398 per 10 gram. Significantly silver prices also fell by Rs 201 to Rs 62,241 per kilogram while it stood at Rs 62,442 per kilogram.
Gold traded under pressure as prices pared previous gains on a stronger dollar amid boosting hopes for US stimulus package, Patel said.
Moreover, in Delhi, the yellow metal prices increased by Rs 37 to Rs 51,389 per 10 gram on Thursday. However, a stronger rupee kept upside limited in the gold. The yellow metal had closed at Rs 51,352 per 10 gram in the last trade.
Significantly on Thursday, silver prices dropped by Rs 915 and settled at Rs 61,423 per kilogram from Rs 62,338 per kilogram in the previous trade. Patel reported that gold prices traded higher on Thursday, uncertainty over US stimulus, and dollar fluctuations.