New Delhi | Jagran Business Desk: After yesterday's fall, Gold and Silver prices on Wednesday edged higher in Indian markets amid positive global trend and depreciation in the value of Indian Rupees. The yellow metal gained Rs 512 to Rs 51,415 per 10 gram in the national capital. In the previous session, the precious metal had closed at Rs 50,903 per 10 gram. Silver prices also rose Rs 1,448 to Rs 64,015 per kilogram from Rs 62,567 per kilogram in the previous trade.

In global markets, Gold edged higher amid renewed hopes of a US stimulus package. The yellow metal's demand has also increased due to economic uncertainty amid an unabated rise in covid-19 cases forcing countries to impose more restrictions and mixed economic data from major economies. The Indian currency lost out on initial gains and depreciated 9 paise to settle at 73.58 (provisional) against the US dollar on Wednesday. In the global market, the yellow metal rose to USD 1,921 per ounce, while silver rose marginally to USD 25.10 per ounce.

On the Multi Commodity Exchange, gold contracts for December delivery traded higher by Rs 198, or 0.39 per cent, at Rs 51,108 per 10 gram in a business turnover of 14,125 lots. The positive trend can be attributed to increased hopes for stimulus package ahead of the presidential election boosted bullion’s appeal as an inflation hedge. Fresh positions built up by participants also led to the rise in gold prices. The yellow metal traded 0.48 per cent higher at USD 1,924.50 per ounce in New York.

Posted By: Rakesh Kumar Jha