Gold Prices Gain Rs 538 To Rs 38,987 Per 10 Gram
The price rise was mainly on the back of recovery in global rates.
Prices of 24 karat gold rose by Rs 538 to Rs 38,987 per 10 gram in the national capital on Tuesday, mainly on the back of recovery in global rates, according to HDFC Securities.
Silver prices, too, witnessed similar trends. The rate of silver zoomed Rs 1,080 to Rs 47,960 per kilogram in the national capital, as per the data.
“Gold prices traded positive on Tuesday on trade talks uncertainty after new tariffs from the U.S. and China came into effect from Sept. 1,” Tapan Patel, Senior Analyst (Commodities), HDFC Securities said.
On Monday, gold prices stood at Rs 38,449 per 10 gram, while silver was at at Rs 46,880 per kilogram.
In the international market, gold prices ruled at $1,530 an ounce in New York while silver was quoted at $18.50 an ounce.
“The international spot gold prices pared morning losses and recovered to $1,530 an ounce supported by a weaker rupee,” he said.
Rupee tumbled 67 paise to 72.09 against the dollar in early trade on Tuesday, tracking weak opening in domestic equities amid strong dollar demand from banks and importers.
The 31-share benchmark BSE Sensex slumped 770 points as investors fretted over deepening economic crisis and global trade tussle.