Bullion Market Closing: Gold Prices Fall Rs 101 On Rupee Appreciation

Gold prices fell by Rs 101 to Rs 39,213 per 10 gram on Tuesday on rupee appreciation and selling in global markets, according to HDFC Securities.

The precious metal had closed at Rs 39,314 per 10 gram in the previous trade.

“Spot gold prices for 24 karat in Delhi were quoted lower on rupee appreciation and selling in global gold markets on risk-on sentiments. Spot rupee was trading 9 paise stronger against the dollar during the day,” said HDFC Securities Senior Analyst (Commodities) Tapan Patel.

Silver also declined by Rs 29 to Rs 47,583 per kg from Rs 47,612 per kg.

“The international gold prices traded lower with risk-on sentiments on US-China trade deal progress. Gold and silver prices witnessed correction with rally in equity indices as the US and China are getting closer to sign the Phase-I deal in November,” he added.

In the international market, gold prices were quoting lower at USD 1,505 per ounce and silver at USD 18.04 an ounce.