Gold price rises Rs 118 at Rs 38,678 per 10 g on global cues, weaker rupee

Gold prices on Monday rallied by Rs 118 to Rs 38,678 per 10 gram in the national capital helped by a recovery in global prices and sharp rupee depreciation against the dollar, according to HDFC Securities.

On Saturday, the precious metal had closed at Rs 38,560 per 10 gram.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said spot gold prices for 24 Karat in Delhi were trading up by Rs 118 with recovery in global gold prices and sharp rupee depreciation.

He further said the spot rupee was trading around 20 paise weaker against the dollar during the day.

The Indian rupee depreciated 8 paise to 71.34 against the US dollar in early trade on Monday tracking uncertainty over the US-China trade deal and subdued opening of the domestic equity market.

Silver prices also gained Rs 293 to Rs 45,263 per kg as against Rs 44,970 per kg in the previous trade.

On international trend he said, "Gold prices on Monday witnessed marginal recovery after declining more than 3 per cent in the previous week on US-China trade deal hopes."

In the global market, gold was trading with gains at $1,463 an ounce and silver at $16.85 per ounce.