New Delhi Gold prices fell drastically in the national capital on Wednesday, due to Russia’s announcement of a Coronavirus vaccine and signs of a recovery in the dollar. According to HDFC Securities, on Wednesday, gold fell sharply by Rs 1,228 to Rs 52,946 per 10 grams in Delhi. The closing price of gold was Rs 54,174 per 10 grams in the previous session. Similarly, there was a tremendous decrease in silver prices by more than Rs 5,000 a day. On Wednesday, silver fell by Rs 5,172 to Rs 67,584 per kg. The closing price of silver was at Rs 72,756 per kg in the previous session. 

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Delhi saw a decrease in the spot price of 24 carat gold by Rs 1,228”. 

Gold prices rise in international market

Internationally, gold is up at $ 1,930 an ounce. At the same time, silver is priced at $ 25.70 an ounce.  

Patel said, “Gold prices recovered on Wednesday after falling below $ 1,900 in early trade.” 

There has been a sell-off in gold considered safe asset due to the announcement by Patul Patel Russia to make Coronavirus vaccine. According to HDFC Securities, gold prices fell in early trade due to strong recovery in the value of the dollar.

Navneet Damani, Vice President (Commodities), Motilal Oswal Financial Services, said that in the US, positive data related to the economy, strong dollar and the boom in the equity market are witnessing tremendous fluctuations in gold and silver prices. The announcement of Russia making the Kovid-19 vaccine also saw a drop in gold prices.

What is the trend in futures market

At 6:10 pm in the futures market, gold prices for delivery on October 5, 2020 rose by Rs 135, or 0.26 per cent to Rs 52,064 per 10 grams. At the same time, on September 4, 2020, the price of contracted silver is at Rs 65,656 per kg, with a steep fall of Rs 1,278, ie 1.91 per cent.