Gold plummets Rs 782 to Rs 42,808 per 10 grams, silver down Rs 980 per kg

Mumbai-India (Feb 25)  Gold prices declined Rs 782 to Rs 42,808 per 10 grams in Mumbai's bullion market on profit booking and rupee appreciation. The precious metal had closed at a lifetime high in on February 24 where it reached Rs 43,590 per 10 grams.

The rate of 10 grams, 22-carat gold in Mumbai was Rs 39,212 plus 3 percent GST, while that of 10 grams, 24-carat gold was Rs 42,808 plus GST. The price of 18-carat gold was quoted at Rs 32,106 plus GST in the retail market.

According to Navneet Damani, Vice President, Motilal Oswal, gold prices, after marking its all-time highs on domestic front, retraced a bit as investors chose to book profits, although growing fears over a spike in new coronavirus cases outside of china are still hovering the markets.

Damani added that the US Treasury Secretary commented that he does not expect the outbreak to have a material impact on the Phase 1 US-China trade deal, although that could change as more data becomes available in coming weeks. US Consumer confidence data, if reported below expectations, will further support the metal prices.

MoneyControl