The price of gold fell from ₹ 137 to ₹ 53,030 per 10 gram in the nation’s capital on Wednesday amid the rupee’s appreciation, according to HDFC Securities.
The precious metal closed on Tuesday at ₹ 53,167 per 10 grams.
“Delhi 24-karat gold spot prices have fallen by ₹ 137 following the appreciation of the rupee,” said Tapan Patel, senior analyst at HDFC Securities (commodities).
The rupee strengthened 12 peas and settled at 73.52 (provisional) against the US dollar on Wednesday, supported by positive domestic actions and weakness in the US currency.
Silver also fell from ₹ 517 to ₹ 70,553 per kg, from the previous close of ₹ 71,070 per kg.
In the international market, gold traded with gains of $ 1,967.7 per ounce and silver held steady at $ 27.40 per ounce.
“Gold prices (globally) have fluctuated in the upper range ahead of the key Federal Open Market Committee meeting,” he added.