Gold rises Rs 63 on weak rupee, global cues

New Delhi: Gold prices rose Rs 63 to Rs 40,723 per 10 gram in the national capital on Thursday supported by a weaker rupee and higher global demand, according to HDFC Securities.

The yellow metal had closed at Rs 40,660 per 10 gram on Wednesday.

However, silver prices fell Rs 95 to Rs 47,082 per kg from the previous close of Rs 47,177 per kg.

“Spot gold for 24 karat in Delhi was trading higher by Rs 63 with recovery in global gold prices and rupee depreciation,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee was trading around 8 paise weaker against the dollar during the day, he added.

In the international market, gold was trading at USD 1,556 per ounce, while silver was trading at USD 17.67 per ounce.

“Gold prices traded higher despite the US-China trade deal as investors are still cautious regarding phase-2 deal,” Patel said adding that investors are also anxious about the spread of coronavirus in China.