Live: Gold Price in India, Today Gold Rate in Delhi, 07 Jan 2020

Live: Gold Price in India, Today Gold Rate in Delhi :- Amid a decline in global markets and a rebound in rupee against the US dollar, the Gold and silver prices fell sharply in India today. On MCX, gold futures rates fell 0.51% or ₹200 to ₹40,265 per 10 grams today. Earlier, amid Middle East tensions and a sharp fall in rupee against the US dollar, the Gold prices had surged over ₹1,200 per 10 grams over the previous two sessions. Following the trend of Gold, the silver rates also saw a decline with futures on MCX falling 0.6% to ₹47,266 per kg.

Live: Gold Price in India

In global markets, gold prices today slipped from near seven-year highs. Due to the lack of further escalation between the US and Iran led to some profit-taking after the recent run-up in gold prices. Spot gold today fell 0.2% to $1,562.81 per ounce after hitting their highest level in nearly seven years at $1,582.59. Elsewhere, silver slipped 0.5% to $18.06 per ounce.

Anuj Gupta, Deputy Vice President – Research (Commodities and Currencies), Angel Broking, said: “As there was no further escalation in tension between the US and Iran, the investors were booking profit as gold prices surged.” However, the outlook for the precious metal remains positive, he said.

“It is advisable to Keep eyes on US and Iran tension as it is not solved fully yet. Chance of some retaliation step taken by Iran further. Brexit, Middle East, Hong Kong tensions, crude oil prices, and dollar-rupee movements are some of the triggers that are impacting the gold and prices,” Gupta added.

Today Gold Rate in Delhi

Apart from US-China trade talks, other uncertainties like Brexit, Middle East, and Hong Kong tensions are keenly watched by gold traders, said Navneet Damani, head of research for commodities and currency at Motilal Oswal Financial Services.

He added, “Further updates on the US-Iran tensions will also be in focus, giving further direction to the precious metal pack. We continue to maintain our positive bias on gold, targeting the level ₹42,700 followed by ₹44,300 and maintain support at ₹38,600. On Comex, major resistance is at $1,630 with support the support of $1,520 followed $1,435 on Comex.”