Gold rallies Rs 143 on rupee depreciation, positive global trend

PTI
Friday, 29 November 2019

"Gold prices traded higher with market anticipations that China will retaliate to the US move of passing a law to support human rights of Hong Kong protesters," Patel added.  

New Delhi, Nov 29 (PTI) Gold rallied Rs 143 to Rs 38,695 per 10 gram in the national capital on Friday on sharp depreciation in rupee and positive global trend, according to HDFC Securities.
 
On Thursday, gold prices closed at Rs 38,552 per 10 gram. 
 
Silver prices also gained Rs 108 to Rs 45,375 per kg from Rs 45,267 per kg on Thursday. 

"Spot gold for 24 Karat in Delhi was trading Rs 143 higher with sharp rupee depreciation and positive global gold prices on the US-China trade stand-off. The spot rupee was trading around 25 paise weaker against the dollar during the day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said. 

The Indian rupee opened on a weak note and fell 11 paise to 71.73 against the US dollar in early trade on Friday as investors traded the cautious path ahead of release of GDP data. 

In the international market, gold traded higher at USD 1,458 per ounce, while silver was also quoting marginally higher at USD 16.92 per ounce. 

"Gold prices traded higher with market anticipations that China will retaliate to the US move of passing a law to support human rights of Hong Kong protesters," Patel added.  

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