Gold soars Rs 953 on weaker rupee, global cues

Gold prices on Monday soared Rs 953 to Rs 44,472 per 10 gram in the national capital on weaker rupee and rise in global prices, according to HDFC Securities.

The yellow metal had closed at Rs 43,519 per 10 gram in the previous trading session.

Silver prices also rose by Rs 586 to Rs 49,990 per kg from Rs 49,404 per kg.

"Gold prices continued upside with international spot gold prices opening higher on Monday, rallying above USD 1,680. Spot gold for 24 karat in Delhi rallied as much as Rs 953 on weaker rupee and strong international prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The spot rupee was trading around 22 paise weaker against the dollar during the day, he added.

The Indian rupee had declined by 30 paise to 71.94 against the US dollar in opening trade on Monday amid muted opening in domestic equities and strengthening of the American currency overseas.

In the international market, both gold and silver were trading higher at USD 1,682 per ounce and USD 18.80 per ounce, respectively.

"Gold prices have rallied after latest reports showing coronavirus has spread beyond China with rise in infections and deaths in South Korea, Middle East and Italy," Patel added.