Precious metals gain on weaker rupee

Gold prices in the national capital rallied by Rs 446 to Rs 46,460 per 10 grams on Tuesday, with recovery in global precious metal prices and rupee depreciation. In the previous trade, the precious metal had ended at Rs 46,014 per 10 grams. Silver also gained Rs 888 to Rs 62,452 per kg, from Rs 61,564 per kg in the previous trade. The Indian rupee declined 3 paise to 74.27 against the US dollar in opening trade on Tuesday, tracking the firm American currency. In the international market, gold was trading higher at $1,793 per ounce and silver was flat at $23.88 per ounce. HDFC Securities Senior Analyst (Commodities) Tapan Patel said: "Gold prices extended gains on worries over fast spreading Delta variant cases." Navneet Damani, vice-president (commodities research) of Motilal Oswal Financial Services, said: "Gold prices continue to trade higher, hovering over one-week peak, as the safe-haven demand amid rising Delta variant cases offsets pressure from a firmer dollar."

Gold futures rose Rs 184 to Rs 47,409 per 10 grams on MCX as speculators created fresh positions amid firming spot demand. On the Multi Commodity Exchange (MCX), gold contracts for the October delivery traded higher by Rs 184, or 0.39 per cent, to Rs 47,409 per 10 gram in a business turnover of 12,527 lots.