Gold Surges By Rs 752 Tracking Global Rates; Rupee Depreciates

Gold prices zoomed by Rs 752 per 10 grams to Rs 40,652 per 10 grams in the national capital on Friday on strong global trend and weakness in the rupee, according to HDFC Securities.

Similarly, silver prices also jumped by Rs 960 to Rs 48,870 per kilogram from Rs 47,910 per kilogram in the previous trade.

Gold had closed at Rs 39,900 per 10 gram on Thursday.

"Taking cues from global prices and weaker rupee, spot gold for 24 Karat in Delhi quoted at Rs 40,652 per 10 grams," said Devarsh Vakil, head-advisory (PCG) at HDFC Securities.

In early trade on Friday, the rupee depreciated by 24 paise to 71.62 weighed by spike in crude oil prices, after US President Donald Trump ordered deadly strike on an Iranian commander.

In the global market, both gold and silver depicted a bullish trend, quoting with gains at $1,547 per ounce and $18.20 per ounce, respectively.

"Gold prices traded higher today as geopolitical tension triggered the safe haven buying in international rates," said Mr Vakil.

General Qasem Soleimani, the commander of Iran's Revolutionary Guards, was killed in a precision US air strike in Iraq ordered by President Donald Trump, the Pentagon announced on Friday, dramatically escalating tensions in the strategic Gulf region.

According to Navneet Damani, VP Commodities Research, Motilal Oswal Financial Services, "Gold prices shot up amidst rise in Middle-East tensions."