Gold prices in New Delhi fell by Rs 600 while silver got cheaper by Rs 450 on Thursday in the bullion market. The yellow metal prices had been on a rising trend since the beginning of this year while in the early-December 2017, gold was available for much lower rates than in January 2018. In the national capital Delhi, gold prices saw a steep decline of Rs 600 and the yellow metal slipped to a 3-week low of Rs Rs 30,950 per 10 grams as a decrease from local jewellers weighed down the sentiments which led to the slump. On the similar lines, silver tripped below Rs 39,000-level sinking by Rs 450 to Rs 38,900 per kg. A poor offtake by industrial units and coin makers was responsible for the drop in silver prices, according to a PTI report.
Traders said sentiment was downbeat as the precious metal fell to four-week lows on a firmer dollar amid expectations of more US interest rate hikes, diminishing appeal of gold as a safe haven bet, PTI said in a report. In the international markets, gold prices fell 0.61% to $1,310.10 an ounce and silver by 0.37% to $16.28 an ounce in Singapore. In the national capital region of New Delhi, gold of 99.9% and 99.5% purity fell steeply by Rs 600 each to Rs 30,950 and Rs 30,800 per 10 grams, respectively. Gold of 99.9% had at Rs 30,950 on 18 January. Sovereign, however, remained unaltered at Rs 24,800 per piece of eight grams. Following gold, silver ready tumbled by Rs 450 to Rs 38,900 per kg and weekly-based delivery by Rs 820 to Rs 37,735 per kg. Silver coins, on the other side, were unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces in scattered deals.
Meanwhile today, the Indian rupee on rose marginally against the US dollar as the key equity index Sensex logged a 330-point gain in the today’s trading session. The rupee surged by 2 paise to end at 64.26 against the US dollar. During the day, the domestic currency hovered between the levels of 64.15 and 64.39 per US dollar. In the early afternoon trades, the rupee advanced as much as 13 paise to hit a day’s high of 64.15 apiece US dollar at the interbank foreign exchange market. The Reserve Bank of India fixed the reference rate of the rupee at 64.1616 against the US dollar on Thursday. Earlier yesterday, the rupee fell down to conclude at a new two-month low of 64.28 after the Reserve Bank of India left the key policy rates unchanged.