New Delhi | Jagran Business Desk: Gold and silver prices rose sharply on Tuesday in tandem with the positive global trends. Gold prices increased by Rs 422 to Rs 53,019 per 10 gram in the national capital whereas silver prices also jumped Rs 1,013 to Rs 70,743 per kilogram.

"Spot gold prices for 24 carat in Delhi rose by Rs 422 on rupee depreciation and rally in international prices," PTI quoted HDFC Securities Senior Analyst Tapan Patel as saying.

The precious metal had closed at Rs 52,597 per 10 gram in the previous trade while silver had closed at Rs 69,730 per kilogram.

Tracking the muted domestic stocks, the rupee pared early gains to settle 16 paise lower at 73.64 (provisional) against the US dollar on Tuesday.

In the global market, gold was trading higher at USD 1,963 per ounce, while silver quoted flat at USD 27.31 per ounce. "Gold prices traded strong on Tuesday on broad dollar weakness ahead of the US Federal Open Market Committee meet. Gold witnessed buying on economic growth concerns over rising virus cases across the globe," Patel told the news agency.

Meanwhile, in Tuesday's future trade,  the prices of yellow metal rose Rs 323 to Rs 52,010 per 10 gram as speculators created fresh positions on firm spot demand. On the Multi Commodity Exchange, gold contracts for October delivery traded higher by Rs 323, or 0.62 per cent, at Rs 52,010 per 10 gram in a business turnover of 11,397 lots.

(with agency inputs)

Posted By: Rakesh Kumar Jha