Precious metals shine on renewed demand
Gold rallies Rs. 526; silver zooms Rs.1,231
image for illustrative purpose
New Delhi: Gold in the national capital on Thursday rallied Rs 526 to Rs 46,310 per 10 gram in line with a strong recovery in global precious metal prices and rupee depreciation. In the previous trade, the precious metal had closed at Rs 45,784 per 10 grams. Silver also gained Rs 1,231 to Rs 68,654 per kilogram from Rs 67,423 per kilogram in the previous trade.
"Spot gold prices for 24 carat in Delhi rallied Rs 526 in-line with a strong recovery in COMEX gold prices and rupee depreciation," said Tapan Patel, senior analyst (commodities), HDFC Securities. The Indian rupee depreciated 5 paise to 74.37 against the US dollar in opening trade on Thursday. In the international market, gold was trading higher at $1,778 per ounce and silver was flat at $26.25 per ounce.
Gold futures rose Rs 137 to Rs 46,976 per 10 grams on MCX as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange (MCX), gold contracts for the August delivery traded higher by Rs 137, or 0.29 per cent, to Rs 46,976 per 10 grams in a business turnover of 10,934 lots. Fresh positions built up by participants led to the rise in gold prices, analysts said. Gold prices traded 0.15 per cent higher at $1,774.30 per ounce in New York.
