According to sources gold prices rose Rs 54 to Rs 40,807 per 10 gram in the national capital on tuesday due to a weaker rupee and global cues, according to hdfc Securities. Meanwhile the yellow metal had closed at Rs 40,753 per 10 gram on Monday. Furthermore silver prices fell Rs 56 to Rs 47,804 per kg from Rs 47,860 per kg in the previous trade.

 

hdfc Securities Senior Analyst (Commodities) Tapan patel said "Spot gold for 24 karat in delhi was trading up by Rs 54, supported by a weaker rupee and early strength in global gold prices". Further he added the spot rupee was trading around 11 paise weaker against the dollar during the day, and the rupee depreciated 6 paise to 71.17 against the US dollar in opening trade on tuesday, tracking weak domestic equity market.

 

Moreover in the international market, gold was trading at USD 1,559 per ounce, while silver was quoting at USD 18 per ounce on the COMEX. Perhaps in the global market, gold prices traded volatile with spot international gold prices at COMEX trading near USD 1,559, declining from the highs made near USD 1,568 for the day. patel said 

"Gold prices may trade sideways to up in the near term with support at USD 1,550 and resistance at USD 1,580".

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