Markets

Gold gains ₹54 on weaker rupee, global cues

A customer tries gold bangles inside a jewellery showroom in Uttar Pradesh. File

A customer tries gold bangles inside a jewellery showroom in Uttar Pradesh. File   | Photo Credit: Reuters

Gold prices rose ₹54 to ₹40,807 per 10 gram; silver prices fell ₹56 to ₹47,804 per kg from ₹47,860 per kg

Gold prices rose ₹54 to ₹40,807 per 10 gram in the national capital on January 21 due to a weaker rupee and global cues, according to HDFC Securities.

The yellow metal had closed at ₹40,753 per 10 gram on January 20.

However, silver prices fell ₹56 to ₹47,804 per kg from ₹47,860 per kg in the previous trade.

“Spot gold for 24 karat in Delhi was trading up by ₹54, supported by a weaker rupee and early strength in global gold prices,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The spot rupee was trading around 11 paise weaker against the dollar during the day, he added.

The rupee depreciated 6 paise to 71.17 against the U.S. dollar in opening trade on January 21, tracking weak domestic equity market.

In the international market, gold was trading at $1,559 per ounce, while silver was quoting at $18 per ounce on the COMEX.

In the global market, gold prices traded volatile with spot international gold prices at COMEX traded near $1,559, declining from the highs made near $1,568 for the day, Mr. Patel said.

“Gold prices may trade sideways to up in the near term with support at $1,550 and resistance at $1,580,” he said.

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Printable version | Feb 18, 2020 12:31:20 PM | https://www.thehindu.com/business/markets/gold-gains-54-on-weaker-rupee-global-cues/article30615680.ece

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