Gold rallies Rs 210 on weak rupee, strong global trends
Gold prices went higher by Rs 210 to Rs 39,075 per 10 gram in the national capital on Friday supported by a weaker rupee and strong international trends, according to HDFC Securities. Silver, however, fell Rs 110 to Rs 46,490 per kilogram here from Thursday's closing price of Rs 46,600 per kilogram.
"Spot gold prices for 24 Karat in Delhi rose by Rs 210 supported by weaker rupee and strong international prices. Spot rupee was trading around 10 paise weaker against the dollar after the Reserve Bank of India cut policy rate by 25 bps," said Tapan Patel, senior analyst (commodities), HDFC Securities. Gold prices on Thursday closed at Rs 38,865 per 10 gram here.
In the international market, gold traded higher at USD 1,508 per ounce in New York and silver at USD 17.58 an ounce. "The international gold prices traded strong on economic recovery concerns after US non-manufacturing PMI data came weaker than expected. Gold prices are trading higher on safe haven buying on worries over trade talks, weak economic data and possible tit-for-tat situation in US-EU trade issues," he added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)