Gold prices on Wednesday slipped by Rs 131 to Rs 39,818 per 10 gram in New Delhi amid rupee appreciation, according to HDFC Securities.
On the last day of year 2018, the precious metal had closed at Rs 39,949 per 10 gram.
Like Gold, Silver too witnessed a drop in price by Rs 590 to hit Rs 47,655 per kg, from Rs 48,245 per kg in the previous trade.
“Spot gold for 24 Karat in Delhi declined by Rs 131 on rupee appreciation. The spot rupee was trading around 6 paise stronger against the dollar,” HDFC Securities Senior Analyst (Commodities) Tapan Patel was quoted as saying by PTI.
Rupee, on the other hand, started the New Year on a positive note and rose by 7 paise to 71.29 against the US dollar in early trade on Wednesday.
Patel further said that the prices of the precious metal witnessed profit-booking in the absence of trading in global markets on account of New Year Holiday.
(With input from agencies)