Gold prices see a mixed week, end at Rs Rs 49,678 per 10 gram – Hindustan Times

Gold prices in the national capital of Delhi saw a mixed week as it rose three days tracking global cues and ended marginally lower. According to HDFC Securities, gold prices gained Rs 185 to Rs 49,757 per 10 gram in Delhi on Monday, in line with the rally in the price of the precious metal globally. In the previous trade, the yellow metal had closed at Rs 49,572 per 10 gram. Silver prices also jumped Rs 1,322 to Rs 68,156 per kilogram from Rs 66,834 per kilogram in the previous trade.

Gold was trading with gains at $1,885 per ounce and silver was also quoting in the green at $26.32 per ounce in the international market. “Gold prices gained amid dollar decline. Concerns over the new strain of coronavirus and lockdowns have also lifted gold prices,” HDFC Securities senior analyst (commodities) Tapan Patel was quoted as saying by news agency PTI.

On Tuesday, gold prices rose marginally by Rs 39 to Rs 49,610 per 10 gram in the national capital, continuing the upside for the third consecutive day, in line with the rally in international prices of the precious metal, according to HDFC Securities.

In the previous trade, the yellow metal had closed at Rs 49,571 per 10 gram. Silver prices also gained marginally as they rose by Rs 36 to Rs 68,156 per kilogram from Rs 68,120 per kilogram in the previous trade.

“Spot gold price for 24 carat in Delhi was up Rs 39, continuing the upside for the third day in line with a recovery in COMEX gold prices, while the stronger rupee has kept upside limited,” HDFC Securities’ Patel told PTI.

The rupee added another 11 paise to trade at 73.38 against the US dollar in the opening session on Tuesday. In the international market, gold was trading higher at $1,883 per ounce, while silver was quoting flat at $26.26 per ounce. “Gold prices rose on Tuesday as the dollar eased,” Navneet Damani, vice president of commodities research at Motilal Oswal Financial Services, told PTI.

The next day, gold was marginally down by Rs 16 to Rs 49,484 per 10 gram in Delhi amid a stronger rupee, according to HDFC Securities. The precious metal had closed at Rs 49,500 per 10 gram in the previous trade.

However, silver gained Rs 205 to Rs 67,673 per kilogram from its previous close of Rs 67,468 per kilogram. The rupee appreciated by 9 paise to 73.33 against the US dollar in opening trade on Wednesday. In the international market, Gold was quoting marginally up at $1,879 per ounce, and silver was flat at $26.22 per ounce.

“Gold prices gained as the dollar index fell from yesterday. Worries over economic recovery on pandemic fears have supported bullion prices to trade firm,” according to HDFC Securities’ Patel.

HDFC Securities said gold prices gained Rs 235 to Rs 49,675 per 10 gram in the national capital on Thursday. In the previous trade, the yellow metal had closed at Rs 49,440 per 10 gram. Silver also went up by Rs 273 to Rs 67,983 per kilogram from Rs 67,710 per kilogram in the previous trade.

In the international market, both gold and silver were trading flat at $1,894 per ounce and $26.52 per ounce, respectively.

“Gold prices have kept range-bound trading during the week on lack of important economic data and mixed global cues. Worries over economic recovery on pandemic fears have supported bullion prices to trade firm limiting downside,” HDFC Securities’ Patel told PTI.

On New Year’s day on Friday, gold was marginally down Rs 20 to Rs 49,678 per 10 gram in the national capital, according to HDFC Securities. The precious metal had closed at Rs 49,698 per 10 gram in the previous trade. Silver also declined Rs 404 to Rs 67,520 per kilogram from Rs 67,924 per kilogram in the previous trade. In the international market, gold was quoting marginally lower at $1,895 and silver was flat at $26.34.

“Gold prices have kept range-bound trading during the week on lack of important economic data and mixed global cues. Lower volumes due to holiday weekend may keep bullion trades choppy for the day,” HDFC Securities’ Patel was quoted as saying by PTI.

(With PTI inputs)

View original article here Source