Markets

Gold prices gain ₹538 to ₹38,987 per 10 gm

Representational image.

Representational image.   | Photo Credit: Mohammed Yousuf

Prices of 24 karat gold rose by ₹538 to ₹38,987 per 10 gram in the national capital on September 3, mainly on the back of recovery in global rates, according to HDFC Securities.

Silver prices too witnessed similar trends. The rate of silver zoomed by ₹1,080 to ₹47,960 per kilogram in the national capital, as per the data.

“Gold prices traded positive on Tuesday on trade talks uncertainty after new tariffs from the US and China came into effect from September 1,” Tapan Patel, Senior Analyst (Commodities), HDFC Securities said.

On September 2, gold prices stood at ₹38,449 per 10 gram, while silver was at at ₹46,880 per kilogram.

In the international market, gold prices ruled at $1,530 an ounce in New York while silver was quoted at $18.50 an ounce.

“The international spot gold prices pared morning losses and recovered to $1,530 an ounce supported by a weaker rupee,” he said.

Rupee tumbled 67 paise to 72.09 against the U.S. currency in early trade on September 3, tracking weak opening in domestic equities amid strong dollar demand from banks and importers.

The 30-share benchmark BSE Sensex slumped nearly 770 points as investors fretted over deepening economic crisis and global trade tussle.

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Printable version | Aug 9, 2020 12:36:46 PM | https://www.thehindu.com/business/markets/gold-prices-gain-538-to-38987-per-10-gm/article29323334.ece

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