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Gold Prices falls Rs 80, silver prices decline by Rs 734

Gold on Tuesday went lower by Rs 80 to Rs 39,719 per 10 gram in the national capital following weak global cues and rupee appreciation, according to HDFC Securities.

By Newsd
Updated on :
Gold Rate In India on June 8 2023
Gold Rate In India on June 8 2023

Due to the increasing number of Coronavirus cases in the country, the price of gold and silver is declining in domestic markets. On MCX, April gold futures fell 1.2% or ₹480 to ₹39,037 per 10 gram. Gold had shed about ₹5,000 per 10 gram in the previous five sessions, falling from ₹44,500 levels. Silver also continued to remain under pressure, with futures on MCX down about 1.7% to ₹35,593 per kg. In the previous session, silver futures had tumbled over 10% or ₹4,200 per kg, also following a steep correction in global rates.

The precious metal had closed at Rs 39,799 per 10 gram in the previous trade.

Gold on Tuesday went lower by Rs 80 to Rs 39,719 per 10 gram in the national capital following weak global cues and rupee appreciation, according to HDFC Securities.

Among other precious metals, silver prices rose 2.2% to $13.18 per ounce while platinum rose 3% to $638 per ounce.

“Weak momentum in gold may continue as long as prices stay below $1535. Immediate support is seen at $1470. However, a close below the same is required to trigger major liquidation pressure. A direct turn above $1545 would take prices higher later,” Geojit Financial Services said in a note.

The impact of coronavirus raises concerns over a global recession and brings interest rates to zero or lower. Both factors should be bullish for gold,” Bonanza Portfolio said in a note to investors.

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