New Delhi: Gold prices declined for the sixth consecutive day on Wednesday by 0.05 per cent to Rs 37,551 per 10 gram on Multi Commodity Exchange (MCX), stated a report. In a span of just six days, the price of gold has come down by about Rs 800 per gram while in three months period, the prices have declined by about Rs 2,450 per gram, stated a report. Also Read - Good News For Investors: Gold Prices Likely to Remain Low Before Dhanteras
On Tuesday, the price of gold fell Rs 95 to Rs 38,460 per 10 gram in the national capital owing to weaker demand and a stronger rupee, stated HDFC Securities. The yellow metal had closed at Rs 38,555 per 10 gram in the previous session. Also Read - Gold Prices Recover After Sharp Fall: Is it a Good Time to Buy Gold?
“Spot gold for 24 karat in Delhi was trading down by Rs 95 on a stronger rupee and weak spot demand. The spot rupee was trading around 15 paise stronger against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel was quoted by news agency PTI as saying on Tuesday. Also Read - Gold Price Hits New High on Back of Weaker Rupee, Nears Rs 39,000 Mark
Taking cues from gold, the price of silver also registered a fall on Wednesday by 0.09 per cent to Rs 43,469 per kg, stated a report. On Tuesday, silver price fell Rs 128 to Rs 44,607 per kg from Rs 44,735 per kg on Monday.
Meanwhile, in the international market, gold was trading at USD 1,463.59 per ounce, while silver slipped 0.1 per cent to USD 16.63 per ounce on Wednesday. “Gold witnessed selling on expectations of initial trade deal between the US and China before December 15 deadline of new US tariffs,” Patel further said, as per news agency PTI.
(With agency inputs)