Amidst the weak trend in the dollar, the prices of gold and silver have increased by about eight percent so far in November. However, due to the soft stance of central banks, the pressure on gold and silver has increased due to the increase in the stock market.
gold and silver became cheaper
Due to the fall in gold and silver in foreign markets and the improvement in the rupee against the dollar, the domestic market closed on Friday. gold and silver prices Lethargy has been observed and metals have become cheaper than the previous closing level. With the fall, today gold has reached below the level of 53 thousand. At the same time, silver has also come down below the level of 62 thousand rupees. There has been an upward trend in the prices of gold and silver since last one month. At the same time, gold and silver have become costlier by 4 to 8 percent in the month of November itself. However, indications of a soft stance by central banks and the expectation of continuation of rally in the stock market have affected the precious metals.
Where did the prices of gold and silver reach
Gold prices fell by Rs 270 to Rs 52,837 per 10 grams in the Delhi bullion market on Friday amid a weak global trend. HDFC Securities gave this information. In the previous trade, the price of gold had closed at Rs 53,107 per 10 grams. Apart from this, silver also fell by Rs 705 to close at Rs 61,875 per kg.
Dilip Parmar, Research Analyst, HDFC Securities, said a stronger rupee and risk appetite by investors influenced domestic gold prices. Parmar said that the prices of bullion have increased by about eight percent so far in November amid a weak trend in the dollar. In the international market, gold was trading lower at $1,752.5 an ounce while silver was down at $21.30 an ounce.
Rupee strengthened by 8 paise
Today, there was a strong rupee against the dollar, the effect of which has been seen on the prices of gold. The rupee on Friday appreciated by eight paise to close at 81.62 (provisional) per dollar against the American currency at the interbank foreign exchange market. According to forex traders, strength in domestic equity markets and buying by foreign investors supported the local currency. The rupee opened at 81.69 at the Interbank Foreign Exchange market. It touched a high of 81.44 and a low of 81.71 during the day. In the end, the rupee gained eight paise to close at 81.62 per dollar. The rupee closed at 81.70 per dollar on Thursday with a gain of 23 paise against the American currency.