New Delhi, July 7: Gold prices fell sharply by Rs 1,400 to Rs 1.49 lakh per 10 grams in the national capital on Tuesday, and silver slipped Rs 200, as a stronger rupee and weak global trends weighed on the precious metals.
The yellow metal of 99.9 per cent purity depreciated by Rs 1,400 to Rs 1,49,250 per 10 grams (inclusive of all taxes) from Monday’s closing level of Rs 1,50,650 per 10 grams.
Silver prices also eased by Rs 200 to Rs 2,39,800 per kilogram (inclusive of all taxes), after settling at Rs 2,40,000 per kg in the previous session.
Analysts said domestic bullion prices also came under pressure as the rupee appreciated sharply against the US dollar.
The rupee strengthened after Saudi Arabia reduced crude oil prices for Asian buyers, easing concerns over India’s import bill and adding pressure on bullion, he added.
In the international market, spot gold fell USD 24.54, or 0.59 per cent, to USD 4,140.59 per ounce, and silver declined nearly 2 per cent to USD 60.89 per ounce.
On the outlook, experts said precious metals are likely to remain range-bound in the near term, though a positive undertone could return if geopolitical tensions in West Asia remain contained. (PTI)
