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Gold prices fall on strong rupee, tepid global cues

Gold prices fall on strong rupee, tepid global cues

Gold prices fall on strong rupee, tepid global cues
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By CNBC-TV18 Sept 19, 2019 7:51:47 AM IST (Updated)

Gold prices dropped in the national capital on Wednesday on strong rupee, according to HDFC Securities.

Gold prices declined on Wednesday on the strong rupee and muted global sentiment. Global gold prices remained rangebound as monetary easing uncertainties by major central banks supported demand while trade talk optimism lifted other assets, curbing gold's gains. Gold rates in Delhi fell by Rs 215 to Rs 38,676 per 10 gram, reported PTI. Following the yellow metal, silver prices also declined by Rs 770 to Rs 47,690 per kilogram.

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Global spot gold rate rose 0.4 percent to $1,503.93 per ounce. Prices are down about 0.3 percent so far this week in what could be their third straight weekly drop. US gold futures rose 0.3 percent to $1,511.40 per ounce.
"Gold price for 24 Karat in Delhi was trading down by Rs 215 as stronger rupee reduced investment demand for gold. The spot rupee was trading 51 paise stronger against the dollar with fall in crude oil prices during the day," Tapan Patel, senior analyst - commodities, HDFC securities said.
The Indian rupee advanced 54 paise to close at 71.24 against the US dollar as sliding crude oil prices eased pressure off emerging market currencies. The rupee opened at 71.47 and surged to an intra-day high of 71.17 against the US dollar.
"De-escalation of the tensions between the world’s two largest economies (the United States and China) have led investors to take out money from the safe haven asset gold and move towards risk assets," Reuters quoted Sugandha Sachdeva, vice-president, metals, energy and currency research, Religare Broking Ltd as saying.
(With inputs from agencies)
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