Gold continues to witness muted trend, precious metal closes at Rs 38,792

Gold witnessed muted trend for the third consecutive day as prices rose marginally by Rs 12 to Rs 38,804 per 10 gram on Thursday, according to HDFC Securities.

The precious metal had closed at Rs 38,792 per 10 gram on Wednesday.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said spot gold for 24 karat in Delhi was trading higher by Rs 12 amid steady global gold prices while the rupee depreciation supported prices to trade firm.

The spot rupee was trading around 11 paise weaker against the dollar during the day, he added.

Silver prices declined by Rs 65 to Rs 45,485 per kg against the previous close of Rs 45,550, HDFC Securities said.

In the international market, both gold and silver showed flat trend. Gold was quoting marginally higher at USD 1,475.50 per ounce and silver traded slightly lower at USD 16.94 per ounce.

"Gold prices have kept the upper trading range despite easing worries over the US-China trade deal as investors are still awaiting further clarity and fresh triggers from key economic data," he added.