Gold prices in Delhi started on a weak note at Rs 48,371 per 10 gram on Monday but gained by the end of Friday at Rs 49,644. Gold prices tanked Rs 460 to Rs 48,371 per 10 gram in the national capital on Monday on a weak global trend, according to HDFC Securities. The yellow metal had closed at Rs 48,831 per 10 gram in the previous trade. Silver prices also dipped Rs 629 to Rs 62,469 per kilogram from Rs 63,098 per kilogram in the previous trade.
“Spot gold prices for 24 carat in Delhi fell by Rs 460, reflecting a decline in global gold prices and rupee appreciation,” Tapan Patel, HDFC Securities’ senior analyst for commodities, was quoted as saying by news agency PTI.
The rupee strengthened by 5 paise to 73.59 against the US dollar in the opening trade on Monday. In the international market, gold declined to $1,830 per ounce, while silver was quoting flat at $23.82 per ounce. “Gold prices witnessed selling pressure on vaccine rollouts,” Patel added.
On Tuesday, gold prices rose Rs 514 to Rs 48,847 per 10 gram in the national capital on a strong global trend and rupee depreciation after closing at Rs 48,333 per 10 gram in the previous trade. Silver prices also jumped Rs 1,046 to Rs 63,612 per kilogram from Rs 62,566 per kilogram in the previous trade.
“Spot gold prices for 24 carat in Delhi rose by Rs 514, reflecting gains in global gold prices and rupee depreciation,” HDFC Security’s Patel said, according to PTI.
The rupee depreciated by 8 paise to settle at 73.63 (provisional) against the US dollar on Tuesday. Gold was trading higher at $1,845 per ounce and silver was quoting flat at $23.16 per ounce in the international market.
“Gold is trading higher primarily as the dollar fell against its major crosses, and also as uncertainty related to stimulus package announcement from the US continues,” Navneet Damani, the vice president of commodities research at Motilal Oswal Financial Services, was quoted as saying by PTI.
Gold price once again gained Rs 215 to touch Rs 49,059 per 10 gram in the national capital on Wednesday supported by strong global precious metal prices. In the previous trade, gold had closed at Rs 48,844 per 10 gram. Silver price jumped Rs 1,185 to Rs 64,822 per kilogram. It was at Rs 63,637 per kilogram in the previous trade.
In the international market, gold was quoting in the green at $1,854 per ounce and silver was flat at $24.72 per ounce.
“Gold prices extended gains awaiting comments from the US Fed while rising hopes for US stimulus pressured dollar index which boosted buying in precious metals,” Patel said.
Gold prices saw a similar trend on Thursday as they rose Rs 194 to Rs 49,455 per 10 gram in the national capital, tracking the firm overseas trend, according to HDFC Securities. Gold had closed at Rs 49,261 per 10 gram in the previous trade. Silver prices also gained Rs 1,184 to Rs 66,969 per kilogram from Rs 65,785 per kilogram in the previous trade.
In the international market, gold was trading with gains at $1,874 per ounce, while silver was quoting flat at $25.63 per ounce. “Gold prices rallied on US stimulus expectations by this week,” HDFC Securities’ Patel said.
Gold prices rose marginally by Rs 21 to Rs 49,644 per 10 gram in the national capital on Friday, reflecting overnight gains in the international market, according to HDFC Securities. The precious metal had closed at Rs 49,623 per 10 gram in the previous trade. However, silver prices declined Rs 259 to Rs 66,784 per kilogram from its previous close of Rs 67,043 per kilogram.
“Spot gold prices for 24 carat in Delhi were trading marginally up by Rs 21, reflecting overnight gains in COMEX (US-based commodity exchange) gold prices,” Patel said. He added that gold prices kept a firm trading range on US stimulus expectations by this week as lawmakers were in final negotiations for the relief package.
In the international market, gold was trading weaker at $1,879 per ounce, while silver was quoting lower at $25.71 per ounce.
(With PTI inputs)