BIG drop in gold price; Silver prices also fall by Rs 2,121 per kg


If you are planning to buy precious yellow metal then this could be the opportunity for you. After recording a steady rise, gold prices recorded a major slump today. The gold price in Delhi today fell by Rs 543 to Rs 51,625 per 10 grams amid a drop in prices in the international market.

According to HDFC Securities, rising interest rates make gold less attractive. “Strong US jobs numbers reinforced concerns that the US Federal Reserve will be more aggressive with rate hikes. Rising interest rates make gold less attractive as an investment vehicle,” it said.

In the previous trade, gold prices had touched Rs 52,168 per 10 grams.

In line with the yellow metal slump, silver also fell by Rs 2,121 to Rs 59,725 per kilogram, from Rs 61,846 per kg.

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Gold traded in red at USD 1,683.05 an ounce, while silver fell to USD 19.74 an ounce in international markets.

The gold price fell by Rs 640 to Rs 51,320 per 10 grams in futures trading today. On the Multi Commodity Exchange, gold contracts for delivery in December traded lower by Rs 640 or 1.23 percent against Rs 51,320 per 10 grams in a business turnover of 17,798 lots.

(With PTI inputs)





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