Gold rallies Rs 1,202; silver jumps Rs 2,148
Gold in the national capital on Wednesday surged by Rs 1,202 to Rs 51,889 per 10 grams, reflecting overnight gains in international precious metal prices along with rupee depreciation, according to HDFC Securities.
In the previous trade, the yellow metal had closed at Rs 50,687 per 10 grams.
Silver also jumped by Rs 2,148 to Rs 67,956 per kg, from Rs 65,808 per kg in the previous trade.
The rupee declined 49 paise to 75.82 against the US dollar in opening trade on Wednesday amid a weak risk appetite as tensions escalated in Eastern Europe.
In the international market, gold was trading marginally lower at USD 1,943 an ounce and silver was flat at USD 25.18 an ounce.
“Gold prices traded weak with spot gold prices at COMEX trading marginally down at USD 1,943 per ounce on Wednesday. Gold prices capped gains pressured by stronger dollar and rise in US bond yields,” said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.
Gold prices are still holding up on geopolitical risk and inflation fears, he added.
Article Proofread & Published by Gauri Malhotra.
