Gold prices slide to lowest in 8 months, silver rates face volatility – Hindustan Times

  • Gold prices hit an eight-month low on Friday as prices in India followed global cues.
By hindustantimes.com | Edited by Shankhyaneel Sarkar, Hindustan Times, New Delhi

PUBLISHED ON FEB 20, 2021 08:29 AM IST

Gold prices plunged throughout the week and the precious metal recorded a huge fall in prices witnessing an eight-month low on Friday, which experts say has come on the back of the rise in the US Treasury yield and a stronger dollar, optimism over a larger economic stimulus package and the Covid-19 vaccination drive.

Gold prices hit an eight-month low on Friday as prices in India followed global cues. The prices of the precious metal declined marginally by 19 to 46,826 per 10 gram on Monday. Silver on the other hand witnessed a surge of 646 to 69,072 per kg from 68,426 per kg on the first day of the week.

Silver prices continued the rise on Tuesday as well when the metal gained 95 to 69,530 per kg despite prices remaining flat in the international market. Gold gained marginally in the international market on Tuesday but Indian markets saw the precious metal prices drop 9 to 46,900 per 10 gram.

Both precious metals witnessed midweek instability as gold prices plunged by 717 to 46,102 per 10 gram on Wednesday as global gold prices continued to drop. Silver prices fell by 1,274 to 68,239 per kg.

The prices of gold continued their fall on Thursday as well as prices fell by 320 to 45,867 per 10 grams. Silver prices rose slightly from 28 to 68,283 per kg. Gold prices further continued to plummet on Friday as the precious metal prices tanked by 239 to 45,568 per 10 gram. Silver prices fell again on Friday from 723 to 67,370 per kg.

Gold buying saw a surge in India due to the fall in prices. Chanda Venkatesh, managing director of CapsGold, told Reuters that price correction has led to a buying surge. “Sales are robust. People are buying coins, bars and jewellery because of price correction,” Venkatesh was quoted as saying by news agency Reuters.

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