Gold prices fell ₹118 to ₹49,221 per 10 gram in the national capital on December 9 on a weak global trend, according to HDFC Securities.
The precious metal had closed at ₹49,339 per 10 gram in the previous trade.
Silver prices also declined ₹875 to ₹63,410 per kg, from ₹64,285 per kg in the previous trade.
“Spot gold prices for 24 karat in Delhi fell by ₹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 $1,860 per ounce, while silver was also quoting lower at $24.22 per ounce.
“Gold prices traded under pressure on strong equity indices as progress on COVID-19 vaccine approvals and distribution outweighed record U.S. coronavirus hospitalisations,” Mr. Patel added.
He, however, added that announcement of stimulus aid package and weaker dollar may support gold prices to limit downside.