Gold drops marginally on rupee appreciation; silver falls Rs 783

Silver prices tumbled Rs 783 to Rs 68,884 per kg on Wednesday, compared to its previous close of Rs 69,667.0

New Delhi: Gold prices fell marginally by Rs 38 to Rs 47,576 per 10 grams in the national capital on Wednesday as rupee appreciation capped the price of the precious metal, according to HDFC Securities.

The yellow metal had closed at Rs 47,614 per 10 grams in the previous trade.

In tandem, silver prices tumbled Rs 783 to Rs 68,884 per kg on Wednesday, compared to its previous close of Rs 69,667.0

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Spot gold prices for 24 carat gold at Delhi were trading marginally down by Rs 38 pressured by rupee appreciation."

Meanwhile, the Indian rupee firmed up by 3 paise to settle at 72.84 against the US dollar on Wednesday.

In the international market, gold was trading higher at USD 1,843 an ounce, while silver was also up at USD 27.31 an ounce.

Gold prices were firm on US stimulus hopes and dollar decline, which kept prices above USD 1,840 on strong investors' appetite, Patel said.

"We expect gold prices to trade sideways to up with COMEX spot gold support lies at USD 1,820 and resistance at USD 1,860. MCX Gold April support lies at Rs 47,800 and resistance lies at Rs 48,200," Patel added.

(PTI)