Gold prices surge by Rs 70 per 10 gm in Delhi on rupee depreciation

Gold prices on Thursday rose by Rs 70 to Rs 38,930 per 10 gram in the national capital on rupee depreciation, according to HDFC Securities.

The yellow metal had closed at Rs 38,860 per 10 gram in the previous trade, it said.

Tracking the rise in gold, silver prices also moved up by Rs 230 to Rs 46,510 per kg from Rs 46,280 per kg on Wednesday.

"Spot gold prices for 24 Karat in Delhi were trading up by Rs 70 on rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee opened on a weak note and declined 14 paise to 71.11 against the US dollar in opening trade on Thursday after reports that the US-China trade deal signing could be delayed to December weighed on investor community.

In the international market, both gold and silver traded lower at USD 1,487 an ounce and USD 17.54 per ounce, respectively.