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Gold prices fall today amid firmer rupee, weak crude oil prices; silver rates slump

Surbhi Jain
Gold price, Silver price

Gold and silver prices were trading lower on Monday, tracking firmer rupee and weak crude oil prices."Gold prices held weak in the morning after climbing to a one-week peak in the previous session, as concerns about the coronavirus epidemic that has claimed more than 1,000 lives in China offset an uptick in equities. The dollar has reached four-month high amid demand for safe haven," Jigar Trivedi, Fundamental Research Analyst – Commodities, Anand Rathi Shares and Stock Brokers said. Gold April futures were trading Rs 227 or 0.56 per cent lower at Rs 40,452 per 10 grams, silver March futures, too, were trading lower at Rs 46,052 per Kg, down Rs 177 or 0.38 per cent on MCX.

After climbing to a one-week high in the previous session, gold prices remained steady on Tuesday as the death toll from coronavirus jumped over 1,000 in China. Spot gold was little changed at $1,570.98 per ounce. The metal touched its highest since February 4 at $1,576.76 on Monday. US gold futures fell 0.3 per cent to $1,574.60, as per the Reuters news report. "Back home, rupee too has appreciated due to weak crude oil hence the yellow metal is likely to stay under pressure in intraday today. Focus will be on Fed chairman Jerome Powell’s testimony at the Congress," Jigar trivedi said. 

The Indian rupee opened higher on Tuesday at 71.24 per dollar vs previous days' close of 71.30 against the US dollar amid easing crude oil prices. On the domestic equity front, Sensex and Nifty were trading higher ahead of Delhi Assembly Elections outcome. The S&P BSE Sensex was trading 380 points, or 0.93 per cent, higher at 41,360 points, while the broader Nifty 50 index was ruling at 12,150 points, up 119 points or 1 per cent.