Gold fell by Rs 294; Silver gains marginally
According to HDFC Securities, gold prices fell by Rs 294 to Rs 45,401 per 10 grams in the national capital on Thursday, reflecting an overnight fall in precious metal prices and strengthening of rupee in international markets. In the previous trade, this precious metal had closed at Rs 45,695 per 10 grams.
In contrast, silver rose marginally by Rs 26 to Rs 59,609 per kg from Rs 59,583 per kg in the previous trade.
According to Tapan Patel, Senior Analyst (Commodities), HDFC Securities, “24 karat gold prices in Delhi declined by Rs 294, reflecting overnight fall in COMEX gold prices and appreciation of rupee.”
The Indian rupee opened with a gain of 10 paise at 73.77 against the US dollar in early trade on Thursday.
In the international market, both gold and silver were flat at $ 1,768 an ounce and $ 22.78 an ounce, respectively.
“In gold prices on Thursday, spot gold on COMEX stood at $1,768 an ounce,” Patel said.
Navneet Damani, VP-Commodities Research, Motilal Oswal Financial Services, “Gold prices slide after initial appreciation amid slightly sharp Fed statements.”
The US Federal Reserve said it will begin reducing its monthly bond purchases as soon as November and indicated interest rate hikes could happen faster than expected.
(with PTI input)
Read also: Market at fresh peak: Sensex rises 958 points; Nifty tops 17,800
Read also: Gold Price Today: Slight decline in gold; Silver rose by Rs 40
.