New Delhi. Gold and silver prices remained stable in the bullion market of the national capital on Friday, which has provided some relief to investors after the recent fluctuations in the market. However, continued appreciation of the Indian rupee limited the scope for any major correction in precious metal prices. Due to this, gold of 99.9 percent purity remained at the level of Rs 1,49,900 per 10 grams and silver at Rs 2.15 lakh per kilogram.
Big decline on weekly basis
This stability in the market has been seen at a time when during the last week, a huge decline of Rs 4,500 i.e. about 3 percent was recorded in the prices of gold. Along with this, silver also became cheaper by Rs 13,500 or about 6 percent during this period. According to market analysts, precious metals tried to recover their losses from lower levels, but the continuous strengthening of the rupee halted the pace of this recovery.
Rupee strength and international market trend
With the support of the Reserve Bank of India, the domestic currency rupee has strengthened for the sixth consecutive trading session and closed at 94.92 against the US dollar with an increase of 7 paise, the direct impact of which was seen on the bullion market. In contrast, in the international market, spot gold rose by 0.30 percent to $ 4,183.34 an ounce, while silver was up by nearly 1 percent at $ 57.80 an ounce, slightly different from the trend in the domestic market. Experts estimate that traders are currently keeping a close watch on the prices of crude oil at the international level, in such a situation, gold is likely to remain traded in a limited range in the coming days and a mild bullish trend will remain.
