According to HDFC Securities, gold rose by Rs 241 to Rs 50,797 per 10 grams in the national capital on Thursday. This has happened because of the sharp depreciation in the rupee. In the previous trade, gold had closed at Rs 50,556 per 10 grams. On the contrary, silver declined by Rs 729 to Rs 60,158 per kg from Rs 60,887 per kg in the previous trade. The rupee on Thursday closed 15 paise lower at 77.40 (provisional) against the US dollar.
Simultaneously, discussing the global market, gold was exchanging insignificantly lower at USD 1,851 an ounce in the worldwide market, while silver was steady at USD 21.30 an ounce. HDFC Securities Senior Analyst (Commodities) Tapan Patel said, "Gold costs exchanged possibly lower at $1,851 an ounce in Comex on Thursday."
What were the costs of gold and silver on Wednesday
As per HDFC Securities, on May 11 (Wednesday), gold became less expensive by Rs 231 in the public capital Delhi. Aside from this, silver became less expensive by Rs 287. This happened when the rupee on Wednesday shut with an addition of 9 paise at 77.25 against the US dollar, yet on Thursday, gold became costly when the rupee debilitated.
The rupee debilitated by 15 paise against the US dollar on Thursday and shut down at 77.40 (temporary). Forex brokers said feeble homegrown values, an ascent in the US dollar in abroad business sectors and regular unfamiliar asset surges burdened the rupee. The rupee likewise contacted its unequaled intra-day low of 77.63 against the US dollar during the day.
On Thursday, the rupee opened at 77.52 in the Interbank Foreign Exchange market and continued to trade in the range of 77.36 to 77.63 in the day's trade. After this, the rupee finally closed at 77.40 with a fall of 15 paise against its previous close. Earlier on Wednesday, the rupee had closed at 77.25 against the US dollar.
