Gold prices dive Rs 1,097 to Rs 42,600 per 10 gram as investors move to other assets; silver crashes by Rs 1,574
Gold prices on Friday crashed by Rs 1,097 to Rs 42,600 per 10 gram in the national capital as investors moved to other assets, including rupee after an appreciation in the domestic currency, according to HDFC Securities
New Delhi: Gold prices on Friday crashed by Rs 1,097 to Rs 42,600 per 10 gram in the national capital as investors moved to other assets, including rupee after an appreciation in the domestic currency, according to HDFC Securities.
The stock market too rebounded after plunging over 10 percent in the opening session.
The yellow metal had closed at Rs 43,697 per 10 gram in the previous session.
Silver prices also plummeted by Rs 1,574 to Rs 44,130 per kg from Rs 45,704 per kg on Thursday.
Spot gold for 24 karat in Delhi was trading lower by more than Rs 1,000 on rupee appreciation, HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
"The spot rupee was trading around 23 paise stronger against dollar during the day on RBI intervention," he added.
The Indian rupee staged a recovery in the afternoon session, trading 36 paise higher against the US dollar, after the Reserve Bank stepped in to maintain sufficient liquidity in the panick-stricken currency market.
"Gold prices traded volatile on Friday with international spot gold prices hovering near $1,585 after witnessing sell-off on Thursday's evening session," Patel said.
Globally, gold was trading higher at $1,584 per ounce, while silver quoted lower at $15.65 per ounce.
The rate of the yellow metal changes daily due to factors like state taxes, making charges, and excise duty. Check the gold and silver rate for 28 November here
The Multi Commodity Exchange figures reveal that gold futures that are set to mature on 3 February 2023, rose 0.16 percent to Rs 53,070.00. Silver futures, which will mature on 3 March next year, also climbed 0.21 percent to Rs 62,970.00
Revised Multi Commodity Exchange (MCX) data reveals that gold futures, set to mature on 5 December 2022, dropped 0.11 percent to Rs 52,529.00. Silver futures, which will also mature on 5 December, slipped 0.67 percent to Rs 60,466.00.