New Delhi, April 20: Gold in the national capital on Wednesday plunged by Rs 915 to Rs 52,367 per 10 grams amid a decline in international precious metal prices and rupee appreciation, according to HDFC Securities. The precious metal had finished at Rs 53,282 per 10 grams in the previous trade.
Silver also tumbled Rs 2,221 to Rs 67,969 per kg from Rs 70,190 per kg in the previous trade. Meanwhile, the rupee appreciated 29 paise to settle at 76.21 (provisional) against the US dollar on Wednesday, tracking positive domestic equities and some moderation in crude oil prices.
In the international market, gold was trading lower at USD 1,942.5 per ounce and silver was marginally lower at USD 24.94 per ounce. "Gold prices traded lower with spot gold prices at COMEX trading 0.38 per cent down at USD 1,942 per ounce on Wednesday. Gold prices declined to one-week low on Wednesday as a rally in the US bond yields dampened demand for yellow metals as safe-haven," said Dilip Parmar, Retail Research Analyst, HDFC Securities. Crude Oil Prices Fall 5% on Global Commodities Selloff After IMF Lowers World Growth Forecasts.
Navneet Damani, Senior VP – Commodities Research, Motilal Oswal Financial Services, said, "Gold prices continue to trade lower, after touching USD 2,000 level at the start of the week, as elevated US treasury yields and hawkish statements from Fed officials continued to pull investors away from zero-yield bullion."
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