Gold Price on Oct 7: Gold plunges again; silver edges higher; check today's rates
New Delhi | Jagran News Desk: Gold prices on Wednesday crashed again amid appreciation in the value of Indian Rupee. The yellow metal slipped by Rs 694 to Rs 51,215 per 10 grams in the national capital, according to HDFC Securities. The precious metal had in the previous trade closed at Rs 51,909 per 10 grams. Silver, however, surged by Rs 126 to Rs 63,427 per kg, from Rs 63,301 per kg in the previous trade.
"Spot gold prices for 24 karats in Delhi plunged Rs 694 amid rupee appreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel told news agency PTI.
After its two-day losing streak, the rupee gained 13 paise to settle at 73.33 against the US dollar on Wednesday due to positive domestic equities and foreign fund inflows. In the global market, the yellow metal was trading with gains at USD 1,892 per ounce and silver was flat at USD 23.73 per ounce.
Meanwhile, Gold futures dropped by 0.76 per cent to Rs 50,140 per 10 gram as participants offloaded their holdings on low spot demand. On the Multi Commodity Exchange, gold prices for December delivery declined by Rs 386, or 0.76 per cent, to Rs 50,140 per 10 gram in a business turnover of 15,129 lots. As per the bullion and commodity market experts, The yellow metal for February delivery eased by Rs 530, or 1.04 per cent, to Rs 50,319 per 10 gram in 729 lots. Gold was trading 0.68 per cent down at USD 1,895.90 per ounce in New York.
(with agency inputs)
Posted By: Rakesh Kumar Jha