Gold gains Rs 188; silver rises Rs 342

The rupee depreciated 16 paise and settled at 73.87 against the US dollar on Wednesday as heavy selling in the domestic equity market.

New Delhi: Gold prices gained Rs 188 to Rs 51,220 per 10 gram on Wednesday in the national capital amid rupee depreciation, according to HDFC Securities.

The precious metal had closed at Rs 51,032 per 10 gram in the previous trade.

Silver also rose Rs 342 to Rs 62,712 per kilogram, from Rs 62,370 per kilogram in the previous trade.

“Gold prices in India traded higher for the day with spot gold prices for 24 karat in Delhi rising by Rs 188 on a sharp rupee depreciation,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

The rupee depreciated 16 paise and settled at 73.87 against the US dollar on Wednesday as heavy selling in the domestic equity market and strengthening American currency weighed on investor sentiment.

In the international market, gold dipped marginally to USD 1,906.70 per ounce and silver was flat at USD 24.45 per ounce.