Bullion Market Closing: Gold Rises Rs 296 On Weaker Rupee, Rally In Global Prices

Gold on Wednesday rose by Rs 296 to Rs 39,194 per 10 gram in the national capital on weaker rupee and rally in international prices, as per HDFC Securities. The yellow metal had closed at Rs 38,898 per 10 gram on Tuesday.

“Spot gold prices for 24 Karat in Delhi rallied by Rs 296 on weaker rupee and rally in international gold prices,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The spot rupee was trading around 20 paise weaker against the dollar during the day, he added. The rupee opened on a weak note and fell 9 paise to 71.80 against the US dollar in opening trade as US-China trade deal concerns weighed on investors.

Silver prices also jumped Rs 331 to Rs 46,103 per kg from Rs 45,772 per kg in the previous trade. “Gold prices traded higher on Wednesday, gaining for the third consecutive day on US-China political spat and worries over trade deal,” he said.

In the global market, gold prices were trading higher at USD 1,478 per ounce, while silver was quoting at USD 17.17 an ounce.