Markets

Gold zooms ₹752 on strong global trends, weak rupee

Gold price is now ₹40,652 per 10 gram.

Gold prices zoomed ₹752 to ₹40,652 per 10 gram in the national capital on Friday on strong global trend and weak rupee, according to HDFC Securities.

Similarly, silver prices also jumped ₹960 to ₹48,870 per kg from ₹47,910 per kg in the previous trade.

Gold had closed at ₹39,900 per 10 gram on Thursday.

“Taking cues from global prices and weaker rupee, spot gold for 24 Karat in Delhi quoted at ₹40,652 per 10 grams,” HDFC securities Head - Advisory (PCG) Devarsh Vakil said.

In early trade on Friday, the rupee depreciated by 24 paise to 71.62 weighed by spike in crude oil prices, after US President Donald Trump ordered deadly strike on an Iranian commander.

In the global market, both gold and silver depicted a bullish trend, quoting with gains at USD 1,547 per ounce and USD 18.20 per ounce, respectively.

“Gold prices traded higher today as geopolitical tension triggered the safe haven buying in international rates,” Mr. Vakil added.

General Qasem Soleimani, the powerful commander of Iran’s Revolutionary Guards, was killed in a precision US air strike in Iraq ordered by President Donald Trump, the Pentagon announced on Friday, dramatically escalating tensions in the strategic Gulf region.

According to Navneet Damani, VP - Commodities Research, Motilal Oswal Financial Services, “Gold prices shot up amidst rise in Middle-East tensions.”

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Printable version | Feb 20, 2020 11:18:05 AM | https://www.thehindu.com/business/markets/gold-zooms-752-on-strong-global-trends-weak-rupee/article30469881.ece

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