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Gold prices rally ₹460 on weak rupee, rise in crude prices

image Gold prices for 24 Karat rose to Rs 38,860 per 10 gram. File Photo - BusinessLine



Gold on Monday climbed ₹460 to ₹38,860 per 10 gram in the national capital on a weak rupee and higher oil prices, which led to investors opting for safe haven commodities, according to HDFC Securities. In the bullion market here, gold prices for 24 Karat rose to ₹38,860 per 10 gram from Saturday’s closing price of ₹38,400 per 10 gram, according to the data.

Silver also zoomed ₹1,096 to ₹47,957 per kilogram. In the previous trading, silver closed at ₹46,861 per kilogram. “Spot gold price for 24 Karat in Delhi was trading up by Rs 460 to Rs 38,860 on weaker rupee. The spot rupee fell by 52 paise against the dollar on higher oil prices,” said Tapan Patel, senior analyst (commodities), HDFC Securities.

Globally, gold was trading in the green at USD 1,504 an ounce in New York, while silver was also quoting with gains at USD 17.87 an ounce. International gold prices rallied on safe haven buying amid geopolitical tensions in the Middle East, he added.

“Gold prices traded higher on Monday with COMEX international spot gold prices gaining 1 per cent to USD 1,504 on higher risk premium on Middle East tensions,” Patel said.

The rupee tumbled 68 paise to 71.60 against the US currency in early trade on Monday, as a sharp jump in global crude oil prices dampened investor sentiments. Crude oil prices witnessed a sharp spike after a weekend drone attack on Saudi Arabia cut into global energy supplies....................................BL