Gold rises by Rs 422, silver jumps Rs 1,013

Agencies. Updated: 9/15/2020 5:02:22 PM Business and Economy

New Delhi: Gold prices rose by Rs 422 to Rs 53,019 per 10 gram in the national capital on Tuesday amid rupee depreciation and positive global trend, according to HDFC Securities.

The precious metal had closed at Rs 52,597 per 10 gram in the previous trade.

Silver also witnessed buying interest as it jumped Rs 1,013 to Rs 70,743 per kilogram from Rs 69,730 per kilogram in the previous trade.

"Spot gold prices for 24 carat in Delhi rose by Rs 422 on rupee depreciation and rally in international prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee pared early gains to settle 16 paise lower at 73.64 (provisional) against the US dollar on Tuesday.

In the international market, gold was trading higher at USD 1,963 per ounce, while silver quoted flat at USD 27.31 per ounce.

"Gold prices traded strong on Tuesday on broad dollar weakness ahead of the US Federal Open Market Committee meet. Gold witnessed buying on economic growth concerns over rising virus cases across the globe," Patel said.

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