Gold and Silver prices edged higher on Wednesday amid depreciation in the value of Indian currency. The yellow metal rose Rs 188 to Rs 51,220 per 10 gram on Wednesday in New Delhi tracking sharp depreciation in rupee while silver prices also gained Rs 342 to Rs 62,712 per kilogram. In the previous session, Gold had closed at Rs 51,032 per 10 gram while Silver had closed at Rs 62,370 per kilogram. According to experts, the precious metal traded higher ith spot gold prices for 24 karat in Delhi rising by Rs 188 on sharp rupee depreciation. The rupee fell by 16 paise and settled at 73.87 against the US dollar amid heavy sale in domestic equity market and strengthening American currency weighed on investor sentiment.
Meanwhile, Gold prices eased in international markets after the dollar gained some strength as the hopes of US stimulus weakened after the US President said a deal is possible after the presidential election.
Trump, who is contesting elections for a second term, said a coronavirus economic relief deal would likely come after the November 3 election, with the White House unable to bridge differences with fellow Republicans in the US Senate as well as congressional Democrats.
Meanwhile, Gold futures on Wednesday fell by 0.09 per cent to Rs 50,915 per 10 gram as participants offloaded their holdings on low spot demand. On the Multi Commodity Exchange, gold prices for December delivery declined by Rs 46, or 0.09 per cent, to Rs 50,915 per 10 gram in a business turnover of 13,717 lots. Gold was trading 0.20 per cent down at USD 1,908.10 per ounce in New York. In the previous session, on MCX, gold futures had ended flat while silver edged up 0.6%.