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

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Gold price fell for the fourth consecutive day on Thursday, declining by Rs 485 to Rs 50,418 per 10 grams in the national capital amid weak international trends, according to HDFC Securities.

In the previous trade, the precious metal closed at Rs 50,903 per 10 grams. Silver also tumbled by Rs 2,081 to Rs 58,099 per kilogram from Rs 60,180 per kilogram in the previous trade.

“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 said, adding that it reflected selling of the precious metal in the international market.

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

Gold prices continued on the downside as stronger dollar weigh on prices amid slowdown in general economic activities in Europe due to rising virus infections, Patel said.

Reliance Securities, Senior Research Analyst, Sriram Iyer said that international gold and silver extended losses on Thursday afternoon session in Asia as the dollar strengthened further.

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