Bullion Market Closing: Gold Eases By Rs 131, Silver Down Rs 590

Gold fell by Rs 131 to Rs 39,818 per 10 gram in the national capital on the first trading day of 2020 amid rupee appreciation, according to HDFC Securities.

On Tuesday, the precious metal had closed at Rs 39,949 per 10 gram. Silver prices also witnessed correction, falling Rs 590 to Rs 47,655 per kg, from Rs 48,245 per kg in the previous trade.

“Spot gold for 24 Karat in Delhi declined by Rs 131 on rupee appreciation. The spot rupee was trading around 6 paise stronger against the dollar,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee started the New Year on a positive note and rose 7 paise to 71.29 against the US dollar in early trade on Wednesday. Gold prices witnessed profit-booking in the absence of trading in global markets on account of New Year Holiday, he added.