Gold prices see a mixed week, end at Rs 48,813 per 10 gram – business news


Gold and silver spot prices saw a mixed trend in the national capital throughout the week tracking global markets and the promising news on the Covid-19 vaccine front renewing hopes of a return to normalcy has also turned investors away. On Monday, gold prices fell Rs 142 to Rs 47,483 per 10 gram in Delhi after closing at Rs 47,625 per 10 gram in the previous session. Silver prices also declined Rs 701 to Rs 57,808 per kilogram from Rs 58,509 per kilogram in the previous trade. Gold was trading lower at $1,781.50 per ounce and silver was quoting flat at $22.29 per ounce in the international market.

“Gold prices continued downside on Monday as optimism on the vaccine has boosted investor sentiment towards riskier assets,” Tapan Patel, a senior analyst (commodities) with HDFC Securities said, according to PTI.

The next day, gold prices rose Rs 45 to Rs 48,273 per 10 gram in the national capital. The yellow metal had closed at Rs 48,228 per 10 gram on Monday. Silver prices also gained Rs 407 to Rs 59,380 per kg, compared with Rs 58,973 per kg in the previous trade.

Spot gold prices for 24 carat in Delhi were trading up by Rs 45 in line with the recovery in global gold prices despite rupee appreciation, Patel said. The spot rupee was trading around 4 paise stronger against the dollar during the day, he added. In the international market, gold and silver were trading higher at $1,812 per ounce and $23.34 per ounce, respectively.

“Gold prices pared morning losses and traded up as investors weighed the vaccine progress and stimulus hopes as President-elect Joe Biden started White House transition. Earlier, gold prices were trading under pressure after the US officials said that they plan to release 6.4 million COVID-19 vaccine doses nationwide in an initial distribution,” Patel was quoted as saying by PTI.

On Wednesday, gold prices were up at Rs 675 to Rs 48,169 per 10 gram reflecting gains in global precious metal prices. In the previous trade, the precious metal had closed at Rs 47,494 per 10 gram. Silver also rose Rs 1,280 to Rs 62,496 per kg, from Rs 61,216 per kg in the previous trade.

The yellow metal was trading in the green at $1,815 per ounce and silver was flat at $23.80 per ounce.

Gold prices again rose by Rs 481 to Rs 48,887 per 10 gram in the national capital on Thursday in-line with bullish trends in global precious metal prices, according to HDFC Securities. The yellow metal had closed at Rs 48,406 per 10 gram on Wednesday. Silver price too went up by Rs 555 to Rs 63,502 per kilogram on Thursday. It was at Rs 62,947 per kilogram in the previous trade.

In the international market, gold prices climbed to $1,841 per ounce and the silver price was flat at $24.16 per ounce. Gold prices traded higher on expectations of the stimulus package from the US and European Union. There has also been significant progress on the Covid-19 vaccine front, HDFC Securities Patel said.

Gold spot prices fell Rs 136 to Rs 48,813 per 10 gram in Delhi on Friday amid a rupee appreciation and choppy global precious metal prices. The rupee appreciated by 16 paise to 73.77 against the US dollar in the opening session on Friday. The precious metal had closed at Rs 48,949 per 10 gram in the previous trade. Silver also declined Rs 346 to Rs 63,343 per kg, from Rs 63,689 per kg in the previous day.

Gold was trading with marginal gains at $1,842 per ounce and silver was flat at $24.20 per ounce in the global market. “Gold prices continued upside as dollar decline boosted buying in precious metals. The renewed stimulus hopes have pushed the dollar down supporting buying in bullion prices,” PTI quoted Patel as saying.

(With PTI inputs)



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