Gold declines by Rs 1,274, silver plummets Rs 2,219

New Delhi: Paring previous gains, gold prices in the national capital on Friday declined by Rs 1,274 to Rs 50,913 per 10 gram reflecting overnight fall in international market along with rupee appreciation, according to HDFC Securities. The yellow metal had closed at Rs 52,187 per 10 gram in the previous trade.

Silver also plummeted by Rs 2,219 to Rs 64,809 per kg, compared with the previous close of Rs 67,028 per kg.

The rupee appreciated by 34 paise to close at 75.26 against the US dollar on Friday in line with regional currencies, following a retreat in crude oil prices and a rebound in domestic equities.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Spot prices for 24 carat gold in Delhi fell Rs 1,274 reflecting overnight decline in COMEX gold prices along with rupee appreciation.”

He added that traders and investors continue to re-assess the situation surrounding the Russian invasion of Ukraine as well as further sanctions against Russia.

In the international markets, gold was trading higher at USD 1,913 an ounce and silver was marginally up at USD 24.29 an ounce.

“Gold prices traded higher with spot gold prices at COMEX trading around half a per cent up to USD 1,913 per ounce on Friday,” Patel said.

Gold prices in Delhi had on Thursday rallied by Rs 1,656 to Rs 51,627 per 10 gram amid the Russia-Ukraine military conflict. PTI HRS HRS ANU ANU