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Gold Price Today: Gold Falls ₹1,400, Silver Drops ₹2,000 as Rupee Strengthens
Bullion Market: Gold prices in the national capital fell by Rs 1,400 to Rs 1.53 lakh per 10 grams. A strong rupee and weakness in global markets put pressure on domestic bullion prices. Silver also fell by Rs 2,000. Let's explore this in detail.
The price of gold witnessed a decline of Rs 1,400 in the national capital, dropping to Rs 1.53 lakh per 10 grams. It closed at Rs 1,54,400 per 10 grams on the previous Friday.
The All India Bullion Association said that there was a fall of Rs 2,000 in the price of silver. The price inclusive of tax came down to Rs 2,26,500 per kilogram from Rs 2,28,500 per kilogram in the last trading day. There was an appreciation of the rupee by 96 paise to reach 95.75 against the US dollar. It was the highest appreciation of the rupee in more than six months. The Reserve Bank of India had taken several measures to strengthen the domestic unit.
Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said that gold prices in the domestic market fell due to weak global cues. The strong Indian rupee further put pressure on precious metal prices. In international markets, spot gold fell by $17.36 (0.41%) to $4,176.88 per ounce. Silver traded marginally lower at $60.66 per ounce. Domestic gold buying remained sluggish as prices rose again. Demand in China is expected to recover after a reduced trading period due to holidays.
