Gold Price Drops Rs 1,050 to Rs 63,250/10g
Dec 05, 2023 16:28
Gold prices in India fell by Rs 1,050 on Tuesday, retreating from its all-time high due to weak global market trends. Silver also declined by Rs 1,700 per kilogram.
New Delhi, Dec 5 (PTI) Gold nosedived Rs 1,050 to Rs 63,250 per 10 grams in the national capital on Tuesday, retreating from its all-time high due to weak trends in the global markets, according to HDFC Securities.
The precious metal settled at Rs 64,300 per 10 grams in the previous trade.
Silver also tumbled Rs 1,700 to Rs 78,500 per kilogram.
"Gold prices plunged on Tuesday in the Delhi markets trading at Rs 63,250/10 grams, down by Rs 1,050, following a bearish trend in the overseas markets," Saumil Gandhi, senior analyst of commodities at HDFC Securities, said.
In the futures trade, February contract of gold climbed Rs 46 to Rs 62,415 per 10 grams on the MCX. However, silver's March contract declined Rs 389 to Rs 75,779 per kilogram on the bourse.
In the international markets, gold and silver were quoting lower at USD 2,037 per ounce and USD 24.50 per ounce, respectively.
Gold retreated from its record high as the dollar and US Treasury yields advanced amid signs that traders' believe aggressive monetary policy of Federal Reserve rate cuts may have gone too far, Gandhi said.
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