New Delhi | Jagran Business Desk: Gold was trading higher on Wednesday in the national capital tracking sharp depreciation in Indian rupee. The yellow metal rose Rs 111 to Rs 50,743 per 10 gram today as Indian currency depreciated 35 paise to close at 74.76 (provisional) against the US dollar on Wednesday, tracking strong American currency ahead of the US presidential election results. The precious metal had closed at Rs 50,632 per 10 gram in the previous trade. Silver prices , however, declined by Rs 1,266 to Rs 60,669 per kg as against Rs 61,935 per kg in the previous trade.

Meanwhile in the international market,, the yellow metal was trading lower at USD 1,895 per ounce while silver also dipped and was quoting at USD 23.60 per ounce.

The prices witnessed selling on stronger dollar on uncertainty over US presidential elections outcome. Speculation ahead of final outcome of US elections may keep prices volatile during the day, experts say.

Gold futures on Wednesday dropped 0.75 percent to Rs 51,210 per 10 gram tracking a muted trend in the international spot prices as the dollar strengthened. On the Multi Commodity Exchange, December gold contracts declined by Rs 388, or 0.75 percent, to Rs 51,210 per 10 gram in a business turnover of 12,755 lots. December silver futures were trading 1.2 percent lower at Rs 61,920 per kg at 0920 hours. Gold was trading 1.05 percent down at USD 1,890.30 per ounce in New York.

Posted By: Rakesh Kumar Jha