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Gold value falls for fourth consecutive day; declines by Rs 485 per 10 grams

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New Delhi: Gold value fell for the fourth consecutive day on Thursday, declining by Rs 485 to Rs 50,418 per 10 grams within the nationwide capital amid weak worldwide developments, based on HDFC Securities. In the earlier commerce, the valuable metallic closed at Rs 50,903 per 10 grams. Silver additionally tumbled by Rs 2,081 to Rs 58,099 per kilogram from Rs 60,180 per kilogram within the earlier commerce.

“Spot gold prices for 24 carat in Delhi extended decline for the fourth consecutive day falling Rs 485…,” HDFC Securities Senior Analyst (Commodities) Tapan Patel mentioned, including that it mirrored promoting of the valuable metallic within the worldwide market.

In the worldwide market, gold traded with losses at USD 1,854 per ounce and silver was flat at USD 22.12 per ounce.

Gold costs continued on the draw back as stronger greenback weigh on costs amid slowdown generally financial actions in Europe as a result of rising virus infections, Patel mentioned.

Reliance Securities, Senior Research Analyst, Sriram Iyer mentioned that worldwide gold and silver prolonged losses on Thursday afternoon session in Asia because the greenback strengthened additional.

“Domestic markets were trading weak tracking weak overseas prices,” he added.

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