Gold rises Rs 200 per 10 gm on mild recovery in global prices

New Delhi, Oct 26 (PTI) Gold prices rose Rs 200 to Rs 1,46,300 per 10 grams in the national capital on Monday, supported by a weaker rupee and a modest recovery in overseas markets.

The yellow metal of 99.9 per cent purity closed at Rs 1,46,100 per 10 grams on Friday.

Silver remained unchanged at Rs 2,02,000 per kilogram, inclusive of all taxes, after three consecutive sessions of losses, according to local traders.

Traders said the rupee fell for the third consecutive session, settling 29 paise lower at 95.22 against the US dollar on Monday, making dollar-denominated gold imports costlier and lending support to domestic prices.

“Gold prices in the domestic market advanced on Monday, tracking a slight recovery in overseas markets as weak crude oil

rates, a steady US dollar, and lower benchmark Treasury yields provided support to bullion,” said Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.

In international markets, spot gold gained USD 17.49, or 0.44 per cent, to USD 4,013.12 per ounce, and silver traded flat at USD 53.91 per ounce.

Spot gold edged higher as Gulf countries worked to revive diplomatic talks between the US and Iran, even as Washington weighed fresh military options against Tehran, said Praveen Singh, Head of Commodities at Mirae Asset Sharekhan.

According to Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, focus this week remains on the Federal Reserve’s policy decision, with investors closely assessing the interest rate outlook and Kevin Warsh’s forward guidance amid inflation concerns and US election-related uncertainty. PTI HG HG BAL

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