Gold & Silver

Gold prices gain ₹315 on strong global cues

PTI New Delhi | Updated on October 09, 2019 Published on October 09, 2019

Gold prices on Wednesday rose by Rs 315 to Rs 39,325. File Photo   -  BusinessLine

Silver was trading up by ₹1,010 to ₹47,330 per kg

Gold prices on Wednesday rose by ₹315 to ₹39,325 per 10 grams at the bullion market in the national capital following strong global cues. The yellow metal had closed at ₹39,010 per ten grams on Monday.

Silver was trading up by ₹1,010 to ₹47,330 per kg as against the Monday’s closing price of ₹46,320 per kg. The bullion market was closed on Tuesday on account of Dussehra.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Gold prices traded higher on Wednesday with COMEX International spot gold prices gained to USD 1,507 amid US-China trade talk worries. Gold prices are expected to trade higher in near term with uncertainty over US-China trade talks, Brexit concerns and weak economic data.”

He, however, added that a weaker rupee also supported gains in gold prices. The rupee opened on a cautious note and fell 20 paise to 71.22 against the US dollar in early trade on Wednesday.

Read more: Rupee slips 20 paise to 71.22 vs USD in early trade

In the international market, gold was trading above USD 1,500 an ounce in New York on trade talk worries and economic growth concerns. The investors are concerned after the US announced to blacklist more Chinese companies and restricted visa to Chinese officials, Patel said.

Published on October 09, 2019
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