Gold, silver costs witness huge crash! Gold plunges Rs 1,049, silver tumbles Rs 1,588 | Bullion News

New Delhi: Gold costs plunged by Rs 1,049 to Rs 48,569 per 10 gram within the nationwide capital on Tuesday following weak international cues and rupee appreciation, based on HDFC Securities.

In the earlier commerce, the dear metallic had closed at Rs 49,618 per 10 gram.

Silver additionally confronted promoting strain because it tumbled by Rs 1,588 to Rs 59,301 per kg from Rs 60,889 per kg within the earlier commerce.

In the worldwide market, gold was quoting decrease at USD 1,830 per ounce and silver was flat at USD 23.42 per ounce.

“Gold prices traded lower in the morning trade extending decline on vaccine hopes and Biden’s white house transition as US President,” HDFC Securities Senior, Analyst (Commodities) Tapan Patel mentioned.

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Navneet Damani, VP  Commodities Research, Motilal Oswal Financial Services mentioned, “Gold fell as better-than-expected US business activity data and optimism over progress in COVID-19 vaccine boosted hopes for a swifter economic rebound and drove investors towards riskier assets.”

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