Gold prices gain Rs 315 on strong global cues

Gold prices on Wednesday rose by Rs 315 to Rs 39,325 per 10 grams at the bullion market in the national capital following strong global cues.

The yellow metal had closed at Rs 39,010 per ten grams on Monday.

Silver was trading up by Rs 1,010 to Rs 47,330 per kg as against the Monday's closing price of Rs 46,320 per kg.

The bullion market was closed on Tuesday on account of Dussehra.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Gold prices traded higher on Wednesday with COMEX International spot gold prices gained to USD 1,507 amid US-China trade talk worries. Gold prices are expected to trade higher in near term with uncertainty over US-China trade talks, Brexit concerns and weak economic data".

He, however, added that a weaker rupee also supported gains in gold prices.

The rupee opened on a cautious note and fell 20 paise to 71.22 against the US dollar in early trade on Wednesday.

In the international market, gold was trading above USD 1,500 an ounce in New York on trade talk worries and economic growth concerns. The investors are concerned after the US announced to blacklist more Chinese companies and restricted visa to Chinese officials, Patel said.