Gold drops ₹ 38 to ₹ 47,576/10 gms on rupee appreciation; silver falls ₹ 783

Gold prices fell marginally by ₹ 38 to ₹ 47,576 per 10 grams in the national capital on Wednesday as rupee appreciation capped the price of the precious metal, according to HDFC Securities.

The yellow metal had closed at ₹ 47,614 per 10 grams in the previous trade.

In tandem, silver prices tumbled ₹ 783 to ₹ 68,884 per kg on Wednesday, compared to its previous close of ₹ 69,667.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Spot gold prices for 24 carat gold at Delhi were trading marginally down by ₹ 38 pressured by rupee appreciation.” Meanwhile, the Indian rupee firmed up by 3 paise to settle at 72.84 against the U.S. dollar on Wednesday.

In the international market, gold was trading higher at $ 1,843 an ounce, while silver was also up at $27.31 an ounce.

Gold prices were firm on U.S. stimulus hopes and dollar decline, which kept prices above $ 1,840 on strong investors’ appetite, Patel said.

“We expect gold prices to trade sideways to up with COMEX spot gold support lies at $ 1,820 and resistance at $ 1,860. MCX Gold April support lies at ₹ 47,800 and resistance lies at ₹ 48,200,” Mr. Patel added.

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