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Gold prices rose ₹103 to ₹51,286 per 10 gram in the national capital on Monday supported by strong global trends and rupee depreciation, according to HDFC Securities.
The precious metal had closed at ₹51,183 per 10 gram in the previous trade.
Silver also gained ₹793 to ₹62,155 per kilogram, from ₹61,362 per kilogram in the previous trade.
“Spot gold prices for 24 karat in Delhi were up by ₹103, supported by strong global gold prices and rupee depreciation,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
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One should avoid long-term investment decisions based on short-term price trends: Vikram Dhawan, Head of Commodities at Nippon India Mutual FundThe rupee depreciated 32 paise and settled at 74.42 (provisional) against the US dollar on Monday tracking strong American currency.
In the international market, gold traded with gains at USD 1,885 per ounce and silver was flat at USD 23.83 per ounce.
Gold prices traded up despite stronger dollar amid uncertainty over US presidential elections and fear of more lockdown measures in Europe, he added.
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