Gold rises Rs 514, silver gains Rs 1,046
Gold prices rose Rs 514 to Rs 48,847 per 10 gram in the national capital on Tuesday on a strong global trend and rupee depreciation, according to HDFC Securities. The yellow metal had closed at Rs 48,333 per 10 gram in the previous trade.
Silver prices also jumped Rs 1,046 to Rs 63,612 per kilogram from Rs 62,566 per kilogram in the previous trade.
"Spot gold prices for 24 carat in Delhi rose by Rs 514, reflecting gains in global gold prices and rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
The rupee depreciated by 8 paise to settle at 73.63 (provisional) against the US dollar on Tuesday.
In the international market, gold was trading higher at USD 1,845 per ounce, while silver was quoting flat at USD 23.16 per ounce.
Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services said, "Gold is trading higher primarily as the dollar fell against its major crosses, and also as uncertainty related to stimulus package announcement from the US continues."
