Gold rises by Rs 162 on lower rupee, higher global prices

Gold moved up by Rs 162 to Rs 39,182 per 10 gram in the national capital on Wednesday amid a lower rupee and higher international prices, according to HDFC Securities.

The yellow metal for 24 Karat had closed at Rs 39,020 per 10 gram on Tuesday in the bullion market.

Silver prices also rose by Rs 95 to Rs 48,815 per kilogram. In the previous trade, it had closed at Rs 48,720 per kilogram here.

"Spot gold (Delhi) prices are slightly higher from Tuesday's close amid lower rupee and higher international prices," Devarsh Vakil, Head - Advisory (PCG), HDFC Securities said.

He further added that spot gold prices in Delhi are steadily moving up as the demand is expected to rise because of festive season.

In the international market, gold prices jumped to USD 1,531.52 an ounce in New York, while silver rose marginally to USD 18.62 per ounce, it said.

The Indian rupee opened on a cautious note and fell 11 paise to 71.12 against the US dollar in early trade on Wednesday amid rising demand for the US dollar vis-a-vis other currencies overseas.