Gold prices fall Rs 420 on stronger rupee

Gold prices corrected by Rs 420 to Rs 41,210 per 10 gram in national capital on Tuesday amid a stronger rupee and profit-booking in international market for precious metal, according to HDFC Securities.

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Silver prices also plummeted by Rs 830 to Rs 48,600 per kg from Rs 49,430 per kg on Monday. Gold hit its all-time high level on Monday and later closed at Rs 41,630 per 10 gram. HDFC Securities He - visory (PCG) Devarsh Vakil said, "Stronger rupee and profit-booking in international gold prices affected domestic rates. Trers are optimistic about better demand after January 15 as marri season and festive demand starts."

rupee appreciated by 22 paise to 71.71 against US dollar in early tre on Tuesday. In international market, gold was tring lower at USD 1,568 per ounce, while silver was also quoting down at USD 18.19 per ounce. "Near term focus will remain on US-Iran tensions and US-China tre deal. Any uncertain outcome will le to higher bullion prices," Vakil ded. 

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