New Delhi | Jagran Business Desk: Gold and silver prices edged higher on Tuesday on cue of depreciation in the value of Indian currency. The price of yellow metal rose by by Rs 454 to Rs 51,879 per 10 gram in the national capital, according to HDFC Securities. On Monday, the precious metal had closed at Rs 51,425 per 10 gram in the previous trade. Silver prices also witnessed a spike of Rs 751 to Rs 63,127 per kilogram from Rs 62,376 per kilogram in the previous trade.

"Spot gold prices for 24 carat in Delhi were up Rs 454 amid rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel told news agency PTI. The rupee pared initial gains and settled for the day 17 paise lower at 73.46 (provisional) against the US dollar on Tuesday. In the international market, gold was trading marginally lower at USD 1,910 per ounce, while silver was quoting flat at USD 24.25 per ounce.

Meanwhile, Gold futures fell by 0.13 per cent to Rs 50,692 per 10 gram on Tuesday as participants offloaded their holdings on low spot demand. On the Multi Commodity Exchange, gold prices for December delivery declined by Rs 66, or 0.13 per cent, to Rs 50,692 per 10 gram in a business turnover of 15,932 lots.

The yellow metal for February delivery eased by Rs 130, or 0.26 per cent, to Rs 50,862 per 10 gram in 666 lots. Gold was trading 0.26 per cent down at USD 1,915.20 per ounce in New York.

(with PTI inputs)

Posted By: Rakesh Kumar Jha