Virus impact: Gold prices tumble by almost Rs 1000

#dailynews60 : Gold prices on Tuesday tumbled by Rs 954 to Rs 43,549 per 10 gram in the national capital on stronger rupee and selling in global market, according to HDFC Securities.

The yellow metal had closed at Rs 44,503 per 10 gram in the previous trading session.

Silver prices also fell by Rs 80 to Rs 49,990 per kg from Rs 50,070 per kg on Monday.

The price of 999 and 995 purity gold in Delhi was trading lower by Rs 770 at Rs 44,030 per 10 gram and Rs 43,880 per 10 gram, respectively as per TickerPlant.

“Gold prices pared previous gains with international spot gold prices witnessing correction on Tuesday, falling below USD 1,650. Spot gold for 24 karat in Delhi declined by Rs 954 on broad selling in global prices and stronger rupee,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The spot rupee was trading around 16 paise stronger against the dollar during the day, he said.

The Indian rupee appreciated by 18 paise to 71.80 against the US dollar in early trade on Tuesday tracking gains in domestic equity market and weakening of the American currency in the overseas market.

In the international market, both gold and silver were trading lower at USD 1,648 per ounce and USD 18.40 per ounce, respectively.

“The worries over spreading coronavirus may limit downside in gold prices,” Patel added.