Gold Rate, Silver Rate: Gold prices in India continued their downward slide on Friday, with the yellow metal dropping to as low as Rs 1,20,515 per 10 grams this week, as investors booked profits following the recent record highs.
On Friday, gold futures settled 0.2 per cent (Rs 196) lower at Rs 1,23,255. Bullion hit an all-time high of Rs 1,32,275 per 10 grams last week.
Silver too witnessed selling pressure, tracking the weakness in gold. The white metal settled 0.2 per cent (Rs 320) lower at Rs 1,47,150 per kilogram, after touching a record high of Rs 1,70,415 last week.
Analysts said the recent pullback was largely driven by profit-booking and a firmer US dollar, which weighed on precious metal prices globally.
“The last couple of days have shown stability in gold. Margin reductions on MCX also led to profit-booking,” said Tarun Satsangi, Associate Director at R Money, to ET NOW Swadesh.
Echoing this view, Manav Modi from Motilal Oswal added, “Post-Diwali, liquidity often shifts, and November tends to be a dull month. After a 60–70 per cent rally, a 10–15 per cent correction is healthy.”
On the currency front, the rupee rose against the dollar on Friday, bolstered by a drop in global crude oil prices and optimism surrounding an India–US trade deal.