The rupee depreciated 30 paise to 71.77 against the dollar in early trade on Wednesday amid rising concerns over the US-China trade deal and political unrest in Hong Kong
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.
Silver also declined by Rs 29 to Rs 47,583 per kg from Rs 47,612 per kg
In the previous trade, Gold had closed at Rs 38,870 per 10 grams
Gold-silver ratio can give direction whether the latter will rally or not
In global markets, both precious metals continued downward spiral
Demand is drying up at these price levels as consumers wait for correction before they buy
Traders attributed the gain in gold to increase in the domestic spot market demand
The metal was a laggard for some time but it seems to have bounced back, with short positions in international exchanges getting covered
Globally, gold and silver were trading a shade higher at $1,517.30 and $16.96 an ounce
Two gold maturity contracts were trading at a spread of Rs 900 per 10 gram
The metal has gained nearly 2% so far this week, on track for a second consecutive weekly gain
Tracking gold, silver also fell by Rs 25 to Rs 39,175 per kg on reduced offtake by industrial units and coin makers
Experts and analysts believe that prices of silver may give healthy returns in the latter part of 2019
Silver prices in India have been relatively stable for the last two years, and are about half their 2011 peak
Metal for delivery in September contracts traded lower by Rs 359, or 0.82%
Metal for delivery in September declined by Rs 109 or 0.24%
Metal for delivery in December dived Rs 821 or 1.77%
Metal for delivery in December contracts was trading lower by Rs 94 or 0.20%
Metal for delivery in December contracts traded higher by Rs 347, or 0.73%