Bullion Market Closing: Gold Prices Jump Rs 485 On Weaker Rupee

Gold prices on Wednesday climbed by Rs 485 to Rs 41,810 per 10 gram following rise of geo-political uncertainty and weaker rupee, according to HDFC Securities.

Similarly, silver also jumped by Rs 855 to Rs 49,530 per kg from Rs 48,675 per kg on Tuesday. The yellow metal had closed at Rs 41,325 per 10 gram in the previous trade.

Gold rose following rise of geo-political uncertainty and weaker rupee, HDFC Securities Head - Advisory (PCG) Devarsh Vakil said. “Higher international gold price and weaker rupee supported domestic gold prices to trade higher,” he added.

The Indian rupee tumbled 20 paise to 72.02 against the US dollar in opening trade on Wednesday as Middle East tensions flared up after Iran fired rockets at US military bases in Iraq.

In the international market, both gold and silver witnessed bullish trend and were trading with gains at USD 1,584 per ounce and USD 18.43 per ounce, respectively.