Gold prices see mixed week, end at Rs 49,624 per 10 gram – business news


Gold prices saw a mixed week in the national capital as they jumped Rs 496 to Rs 50,297 per 10 gram on Monday and gained Rs 385 to Rs 49,624 on Thursday tracking global markets.

The precious metal had closed at Rs 49,801 per 10 gram in the previous trade and jumped Rs 496 to Rs 50,297 on Monday in line with a rally in international precious metal prices and rupee depreciation, according to HDFC Securities. Silver also gained Rs 2,249 to Rs 69,477 per kg from Rs 67,228 per kg in the previous trade.

Gold was quoting with gains at $1,898 per ounce and silver was also trading in the green at $26.63 per ounce in the international market even as the rupee declined 17 paise to 73.73 against a US dollar in the opening trade on Monday.

Tapan Patel, senior analyst (commodities) at HDFC Securities, said according to news agency PTI that gold prices traded higher on worries over rising coronavirus cases, which weigh down vaccine rollout sentiments. The United Kingdom imposed strict lockdown measures, while restrictions in Europe and other parts of the world may flag economic recovery concerns, he added.

On Tuesday, gold prices fell Rs 243 to Rs 49,653 per 10 gram in the national capital reflecting the weakness in the global price of the precious metal, according to HDFC Securities. In the previous trade, the yellow metal had closed at Rs 49,896 per 10 gram. Silver prices also declined Rs 216 to Rs 67,177 per kilogram from Rs 67,393 per kilogram in the previous trade.

In the international market, gold and silver were trading lower at $1,868 per ounce and $25.70 per ounce, respectively. “Gold prices declined on stronger dollar index,” Patel was quoted as saying by PTI. “Gold saw some selling pressure after trading higher in the early morning session, as support from the US Congress passing a long-awaited near $900 billion coronavirus aid was countered by a stronger dollar, while some profit booking also weighed on sentiment,” Navneet Damani, vice president of commodities research at Motilal Oswal Financial Services, said according to PTI.

According to HDFC Securities, gold prices declined Rs 252 to Rs 49,506 per 10 gram on Wednesday in the national capital. In the previous trade, the precious metal had closed at Rs 49,758 per 10 gram. Silver also dipped Rs 933 to Rs 66,493 per kg, from Rs 67,426 per kg in the previous trade.

In the international market, gold was quoting with gains at $1,868 per ounce and silver was flat at $25.53 per ounce.

“Gold prices edged higher as grim US consumer and housing data bolstered hopes for further stimulus to support an economic recovery,” Motilal Oswal Financial Services’ Damani told PTI. He, however, added that a new coronavirus strain in the UK has caused several countries around the world to shut their borders to Britain, and drug makers are scrambling to test their Covid-19 vaccines against it. “This has given further support to the metal prices,” Damani said.

Gold gained Rs 385 to Rs 49,624 per 10 gram on Thursday in Delhi, once again reflecting gains in global precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 49,239 per 10 gram. Silver also witnessed buying as it gained Rs 1,102 to Rs 66,954 per kg, from Rs 65,852 per kg in the previous trade.

Gold was trading with gains at $1,878 per ounce and silver was flat at $25.80 per ounce in the international market.

“Gold prices gained on dollar decline after the previous volatile session. The pandemic concerns over a new strain of coronavirus and lockdowns have also lifted gold prices,” HDFC Securities’ Patel said.

(With PTI inputs)



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