Gold prices fell Rs 118 to Rs 49,221 per 10 gram in the national capital on Wednesday on a weak global trend, according to HDFC Securities.
The precious metal had closed at Rs 49,339 per 10 gram in the previous trade.
Silver prices also declined Rs 875 to Rs 63,410 per kg, from Rs 64,285 per kg in the previous trade.
“Spot gold prices for 24 karat in Delhi fell by Rs 118, in line with weak global gold prices and flat rupee. The spot rupee was trading around 1 paisa weaker against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
In the international market, gold was trading down at USD 1,860 per ounce, while silver was also quoting lower at USD 24.22 per ounce.
“Gold prices traded under pressure on strong equity indices as progress on COVID-19 vaccine approvals and distribution outweighed record US coronavirus hospitalisations,” Patel added.
He, however, added that announcement of stimulus aid package and weaker dollar may support gold prices to limit downside.