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Gold plunges to 1,228, silver tanks 5,172

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Gold prices tanked Rs 1,228 to Rs 52,946 per 10 gram in the national capital on Wednesday, according to HDFC Securities.

New Delhi: Gold prices tanked Rs 1,228 to Rs 52,946 per 10 gram in the national capital on Wednesday, according to HDFC Securities.

In the previous trade, the yellow metal had closed at Rs 54,174 per 10 gram. Silver prices also plunged Rs 5,172 to Rs 67,584 per kg from Rs 72,756 per kg in the previous trade.

"Spot gold prices for 24 carat in Delhi were down by Rs 1,228," HDFC Securities Senior Analyst (Commodities) Tapan Patel said. In the international market, gold was trading with gains at $1,930 per ounce, while silver was quoting at $25.70 per ounce.

"Gold prices witnessed recovery on Wednesday after falling below $1,900 in morning trade," he added.

Patel further said that coronavirus vaccine announcement by Russia had triggered sell-off in safe-haven assets. Gold prices had earlier fallen on strong dollar recovery, HDFC Securities said.

Meanwhile, Futures of gold and silver which were touching new highs every other day lately have started to falter in line with international markets and traders booking profits. The fall in gold prices, which is considered as a safe haven asset, has also been induced post Russia's announcement that it has developed the first vaccine for novel coronavirus. Gold futures slumped for the second straight day on Wednesday.

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