Bullion Market Closing: Gold Down Rs 196 Amid Weak Global Trend

Prices of gold on Friday declined Rs 196 to Rs 38,706 per 10 gram in the national capital amid a subdued global trend, according to HDFC Securities.

On Thursday, the precious metal closed at Rs 38,902 per 10 gram.

In tandem with a weak trend in gold, silver prices also tumbled Rs 956 to Rs 45,498 per kg from Rs 46,454 per kg in the previous trade.

“Spot gold prices for 24 Karat in Delhi were trading Rs 196 down with overnight decline in global gold prices. However, the downside was limited with sharp rupee depreciation after Moody’s lowered India outlook,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The spot rupee was trading around 27 paise weaker against the dollar during the day, he added.

The Indian rupee opened on a cautious note and fell 30 paise to 71.27 against the US dollar in early trade on Friday after Moody’s changed its India rating outlook to negative citing lower economic growth.

In the global market, both gold and silver were ruling flat at USD 1,471 an ounce and 17.06 per ounce, respectively.