Bullion Market Closing: Gold Falls Rs 74, Silver Tumbles Rs 771

Gold prices on Thursday fell by Rs 74 to Rs 38,985 per 10 gram in the national capital on rupee appreciation. The precious metal had closed at Rs 39,059 per 10 gram in the previous trade, according to HDFC Securities.

Silver also dropped by Rs 771 to Rs 45,539 per kg from Rs 46,310 per kg on Wednesday. “Spot gold for 24 Karat in Delhi declined by Rs 74 on rupee appreciation along with strong Asian currencies.

The spot rupee was trading 7 paise stronger against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said. Gold prices seesawed in the last two days on flipping news about the US-China trade deal, Patel added.

In the international market, both gold and silver prices were trading flat. While the yellow metal was trading at USD 1,475.4 per ounce, silver was quoting at USD 16.88 per ounce.

Motilal Oswal Financial Services Ltd VP - Commodities Research Navneet Damani said, “US imposing tariffs on Brazil and Argentina and various comments from US President (Donald Trump) kept the momentum positive for precious metal.”

“Although few sources reported that the US-China are said to move closer to a deal despite the heated rhetoric which capped the bullion’s rally,” he added.