NEW DELHI: Due to the fall in both the precious metals in the international market and the continued strength in the Indian currency against the dollar domestically, gold fell by Rs 1200 in Delhi last week, falling to Rs 38370 per ten grams and silver weakened to Rs 46450 per kilogram.
According to information from London and New York, the gold spot abroad fell by about 19 dollars to 1,488.45 dollars per ounce in the period under review. December's U.S. gold futures also weakened nearly 20 dollars to 1,486.90 dollars per ounce over the weekend. Market analysts said that investors are turning to the capital market with both sides agreeing to a trade war between the US and China.
This has led to a decline in demand for gold and a fall in prices. At the same time, the rupee has strengthened by 147 paise against the dollar in the past seven days, putting pressure on precious metals. The silver spot fell 0.65 dollars to 17.42 dollars per ounce during the week.