New Delhi Domestic bullion markets witnessed a sharp rise in prices of both gold and silver on Tuesday. According to HDFC Securities, spot gold prices rose by Rs 514 in the national capital on Tuesday. Gold was trading at Rs 48,847 per 10 grams. According to Securities, the rise in gold prices was due to a strong global trend and the weakness of the Indian rupee. Gold had closed at Rs 48,333 per 10 grams in the previous session.
Silver, along with gold, rose sharply on Tuesday. Silver also rose by Rs 1,046. Spot silver was trading at Rs 63,1212 per kg. Silver had closed at Rs 62,566 per kg in the previous session.
Tapan Patel, senior analyst (commodities) at HDFC Securities, said the 24 carat gold spot in Delhi also strengthened globally on Tuesday and the rupee depreciated by Rs 5,114. The Indian rupee depreciated by 8 paise to close at 73.63 against the US dollar on Tuesday.
At the same time, talking about the international market, gold rose by 144545 per ounce with the rise of Mars. There was trade on the dollar. At the same time, silver was steady at. 23.16 an ounce.
V. of Motilal Oswal Financial Services. P. (Commodities Research) Navneet Damani said, “The announcement of the US stimulus package has led to a fall in the value of the dollar against rival currencies and continued uncertainty, which has pushed up the price of gold.”
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