Gold prices plunged Rs 230 to Rs 63,970 per 10 grams in the national capital on Wednesday amid a bearish trend in the overseas markets, according to HDFC Securities. In the previous trade, the yellow metal ended at Rs 64,200 per 10 grams.
Gold prices declined marginally in the last trading session of 2023. Despite a slight dip, gold prices clocked their best year in three, as expectations regarding US interest rate cuts early next year and the war in Ukraine and tensions in the Middle East lifted safe-haven demand.
February gold futures were trading at Rs 63,795 per 10 grams on the MCX at 10.20 am and were up by Rs 117 or 0.18% from Wednesday s closing price. Meanwhile, March Silver futures were trading at Rs 75,690 per kg and were higher by Rs 43 or 0.06% around this time.
Gold prices surged Rs 450 to Rs 64,300 per 10 grams in the national capital on Thursday amid strong global cues, according to HDFC Securities. This is at least the second time the precious metal prices have touched a record high of Rs 64,300 per 10 grams on December 4.
"Gold prices are likely to remain high as weakened US dollar, lower Treasury yields, and heightened expectations of a Federal Reserve interest rate cut keep prices underpinned," Saish Sandeep Sawant Dessai, Analyst at Angel One, said.