Gold Falls About ₹ 1000; Silver Tanks Nearly ₹ 2000: Report

Gold tumbled ₹ 992 to ₹ 52,635 per 10 grams in the national capital on Thursday, reflecting a decline in international prices for precious metals along with rupee appreciation, according to HDFC Securities.

The precious metal finished at ₹ 53,627 per 10 grams in the last trade.

Silver also tanked ₹ 1,949 to ₹ 69,458 per kg, from ₹ 71,407 per kg in the last trade.

The rupee advanced 42 paise to 76.20 against the US dollar on Thursday, supported by buoyant domestic equities and trends in state election results.

Gold was trading lower at $1,983 an ounce in the international market, and silver was flat at $25.50 an ounce.

“Gold traded weak with spot prices at COMEX trading 0.30 per cent down at USD 1,983 per ounce on Thursday.

“Gold prices witnessed selling from Wednesday on easing worries over the Russia-Ukraine conflict with signs of a possible diplomatic solution,” said Tapan Patel, senior analyst (commodities) of HDFC Securities.

Navneet Damani, senior vice-president (commodities research) of Motilal Oswal Financial Services, said, “Gold witnessed a sharp fall after hovering almost near-record highs in the earlier session. Prices were getting support from the escalating geopolitical tensions between Russia and Ukraine.”