Gold jumps Rs 225 on wedding season demand, rally in global prices
Gold in the national capital rose Rs 225 to Rs 38,715 per 10 gram on Wednesday helped by wedding season demand and rally in international prices, according to HDFC Securities. On Tuesday, the yellow metal had closed at Rs 38,490 per 10 gram.
HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Spot gold prices for 24 karat in Delhi rallied by Rs 225 on wedding season buying and rally in international gold prices. The weaker rupee supported the upside in gold prices which fell around 28 paise against the dollar."
The rupee depreciated 30 paise to 71.77 against the dollar in early trade on Wednesday amid rising concerns over the US-China trade deal and political unrest in Hong Kong. Silver prices also moved up by Rs 440 to Rs 45,480 per kg from Rs 45,040 per kg in the previous trade.
In the global market, gold traded higher at USD 1,461 per ounce and silver at USD 16.90 an ounce. "The lack of clarity from US President (Donald Trump) regarding the deal (US-China) raised uncertainty amongst investors, which attracted the safe-haven buying in gold,"
Also Read: Gold down ₹ 130 amid weak global trend
Also Read: Gold rises ₹ 118 on global cues, rupee depreciation
