Gold prices fall by Rs 265; silver price slips Rs 786

The price of gold in the nation’s capital fell from Rs 265 to Rs 50,616 per 10 grams on Wednesday despite the depreciation of the rupee, according to HDFC Securities. The price of the yellow metal had touched Rs 50,881 for 10 grams on Tuesday.

However, the COMEX spot price for gold was slightly higher at $1,705 per ounce from $1,701 per ounce on Tuesday.

The price of silver in the nation’s capital fell from Rs 786 to Rs 57,244 per kilogram. On Tuesday, the level was Rs 58,030 per kg.

On Wednesday, the COMEX spot price for silver was $19.45 per ounce versus $19.31 per ounce on Tuesday.

“Spot gold prices for 24 karat gold in Delhi fell by 265 rupees per 10 grams, reflecting the overnight drop in COMEX gold prices despite the depreciation of the rupee,” said said Tapan Patel, senior analyst (commodities) at Securities.

The rupee fell 30 paise to close at 79.47 (provisional) against the US dollar on Wednesday.

Meanwhile, gold prices held steady in the overseas market, with gold trading above $1,700 an ounce after correcting to a stronger dollar following higher-than-expected inflation in the US. United States in August.

The dollar index rebounded on expectations of a bigger rate hike from the US Federal Reserve at the next meeting.

“We expect gold prices to rise sideways for the day with COMEX spot gold support at $1,690 and resistance at $1,720 per ounce. October stands at Rs 49,900 and the resistance at Rs 50,500 per 10 grams,” Patel said.