Gold falls by Rs 1,049; silver tumbles Rs 1,588
- Gold prices fall from Rs. 49,618 per 10 gram to Rs 48,659 per 10 gram
- Silver prcies tumble from Rs 60,889 per kg to Rs 59,301 per kg
- This comes following global cues and rupee appreciation
With the wedding season approaching, gold buyers take a sigh of relief as gold prices drop. Indian weddings are a grand affair where shopping of gold jewellery is an integral part. Wedding season always sees a spike in gold purchase.
Following global cues and rupee appreciation, gold prices plummeted by Rs 1,049 to Rs. 48,569 per 10 gram in the national capital on Tuesday, according to HDFC Securities.
The sale of the precious metal had closed at Rs 49,618 per 10 gram in the previous trade.
Silver prices also saw a fall as they tumbled by Rs 1,588 to Rs 59,301 per kg. In the previous trade, silver was priced at Rs 60,889 per kg.
In the international market, gold was quoting lower at USD 1,830 per ounce and silver was flat at USD 23.42 per ounce.
"Gold prices traded lower in the morning trade extending decline on vaccine hopes and Biden's white house transition as US President," HDFC Securities Senior, Analyst (Commodities) Tapan Patel said.
Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said, "Gold fell as better-than-expected US business activity data and optimism over progress in COVID-19 vaccine boosted hopes for a swifter economic rebound and drove investors towards riskier assets."