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Gold falls Rs 357, silver declines Rs 532

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Gold costs fell Rs 357 to Rs 50,253 per 10 gram within the nationwide capital on Wednesday on rupee appreciation and muted demand by traders, in line with HDFC Securities.

The yellow metallic had closed at Rs 50,610 per 10 gram within the earlier commerce.

Silver costs additionally declined Rs 532 to Rs 62,639 per kilogram from Rs 63,171 per kilogram on Tuesday.

“Spot gold prices for 24 karat gold in Delhi fell by Rs 357, pressured by sharp rupee appreciation on central bank interventions despite firm global prices,” HDFC Securities Senior Analyst (Commodities) Tapan Patel stated.

He added that the rupee was buying and selling round 32 paise stronger towards the greenback in the course of the day.

Gold costs have been muted as traders turned cautious about safe-haven shopping for on two optimistic bulletins about COVID-19 vaccines in a month, Patel stated.

“Gold prices are expected to trade sideways to down in absence of any major triggers from economic data. The current uncertainty over rising coronavirus cases and US administration post-election may limit the downside,” he stated.

In the worldwide market, gold was buying and selling larger at USD 1,882 per ounce, whereas silver was additionally quoting up at USD 24.57 per ounce.

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