Gold prices in India fall Rs 217; silver down by Rs 1,217

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Gold prices on Thursday fell by Rs 217 to Rs 44,372 per 10 gm in the national capital, as vaccine rollout has boosted risk on sentiments lowering safe haven demand for precious metals, according to HDFC Securities.

The precious metal had closed at Rs 44,589 per 10 gm in the previous trading session.

In tandem, silver prices eased by Rs 1,217 to Rs 66,598 per kg as compared with the previous close of Rs 67,815 per kg.

“Spot gold prices for 24 carat gold at Delhi fell by Rs 217 reflecting overnight decline in COMEX gold prices despite of rupee depreciation,” said HDFC Securities Senior Analyst (Commodities) Tapan Patel.

Meanwhile, the Indian rupee was trading 18 paise lower at 72.90 against the US dollar.

Patel further noted that gold prices have kept lower trading range on stronger dollar and rise in the US treasury yields.

“The vaccine rollouts have boosted risk on sentiments lowering safe haven demand for precious metals. The traders may await for comments from US FED chairman later on Thursday,” he noted.

In the international market, gold was trading slightly higher at USD 1,717 an ounce and silver was also marginally up at USD 26.09 an ounce.

“We expect gold prices to trade sideways to down for the day with COMEX spot gold support lies at USD 1,700 and resistance at USD 1,740. MCX Gold April support lies at Rs 44,700 and resistance lies at Rs 45,200,” Patel said.

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