Gold prices see mixed week, still down dafabet minimum deposit,₹11,000 from record highs
Gold prices saw a mixed week in Delhi as they started the week at ₹44,113 per 10 gram on Tuesday and on Thursday rallied by ₹881 to ₹44,701 tracking global markets. Local gold futures were trading around ₹45,000 per 10 grams on Thursday after falling to ₹44,108 earlier this week, their lowest level since April last year.
On Tuesday, gold dipped by ₹138 to ₹44,113 per 10 gram in Delhi amid the decline in global precious metal prices, news agency PTI reported cited HDFC Securities. The yellow metal closed at ₹44,251 per 10 gram in the previous trade.
Silver also declined ₹320 to ₹63,212 per kg, from ₹63,532 per kg in the previous trade.
"Gold prices witnessed selling with COMEX (New York-based commodities exchange) gold falling to two weeks low on stronger dollar,” Tapan Patel, a senior analyst for commodities at HDFC Securities, said according to PTI.
In the international market, gold was trading lower at $1,698 per ounce and silver was flat at $24.49 per ounce.
Gold prices declined by ₹49 to ₹43,925 per 10 gram in the national capital on Wednesday reflecting overnight selling in global precious metal prices, according to HDFC Securities. The precious metal had closed at ₹43,974 per 10 gram in the previous trade. Silver also registered a fall of ₹331 to ₹62,441 per kg from ₹62,772 per kg in the previous trade.
"Spot gold prices for 24 carat in Delhi were down by ₹49 reflecting overnight selling in COMEX (New York-based commodities exchange) prices while weaker rupee capped the downside," HDFC Securities’ Patel told PTI.
The rupee slumped 20 paise to 73.58 against the US dollar in opening trade on Wednesday. Gold was trading lower at $1,684 per ounce and silver was flat at $24.09 per ounce in the international market. “Gold prices declined with stronger dollar over US economic recovery optimism," he added.
The next day gold rallied by ₹881 to ₹44,701 per 10 gram in Delhi following a sharp recovery in global precious metal prices, according to HDFC Securities. In the previous trade, it had closed at ₹43,820 per 10 gram. Silver also gained ₹1,071 to ₹63,256 per kilogram from ₹62,185 per kilogram in the previous trade.
Patel said gold prices witnessed a sharp rebound recovering from the bear territory. Gold was quoting higher at $1,719 per ounce and silver was flat at $24.48 per ounce in the international market.
Physical gold demand saw an uptick in some Asian hubs this week, as lower prices buoyed the metal's demand, while jewellers in India were still cautious into the end of the financial year.
"From the next week, demand should improve. The industry was busy with year-end closing this week," Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji Narsinghji, was quoted as saying by Reuters.
Dealers charged premiums of up to $4 an ounce this week over official domestic prices, inclusive of 10.75% import and 3% sales levies, down from the last week's $5.
"Retail demand could rise in coming weeks if prices remain around this level. The only concern is a lockdown. If the government imposes lockdown, then suddenly demand would falter, a Mumbai-based dealer with a bullion importing bank said according to Reuters.
Gold prices in India are still down ₹11,000 from highs of ₹56,200 in August 2020.