Thursday, Aug 11, 2022
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Gold price falls Rs 992 to Rs 52,635 per 10 grams; Silver Tanks Rs 1,949

Silver also tanked Rs 1,949 to Rs 69,458 per kg, from Rs 71,407 per kg in the previous trade

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

In the previous trade, the precious metal finished at Rs 53,627 per 10 grams.

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

The rupee appreciated by 20 paise to close at 76.42 (provisional) against the US dollar on Thursday, supported by positive domestic equities and trends in state election results.

In the international market, gold was trading lower at USD 1,983 an ounce and silver was flat at USD 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 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."

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