Bullion Market Closing: Gold Jumps Rs 332 On Positive Global Trend

Gold prices on Wednesday jumped Rs 332 to Rs 39,299 per 10 gram in the national capital, tracking a positive global trend, according to HDFC Securities.

In the previous trade, the yellow metal had closed at Rs 38,967 per 10 gram. “Spot gold for 24 Karat in Delhi rose by Rs 332, reflecting overnight buying in global gold prices.

The spot rupee was trading 3 paise weaker against the dollar, which was quite supportive for gold prices during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee opened on a weak note and fell 12 paise to 71.78 against the US dollar in early trade on Wednesday. Silver prices also zoomed Rs 676 to Rs 46,672 per kg from Rs 45,996 per kg.

In the global market, gold was trading higher at USD 1,483 per ounce, while silver also quoted higher at USD 17.27 per ounce.

“Gold prices witnessed buying after US President (Donald Trump) said that the trade deal with China may take place after November 2020 elections which fuelled buying in safe haven over economic recovery concerns,” Patel added.