New Delhi, February 24: Gold prices advanced in the national capital on Tuesday, climbing Rs 400 to Rs 1,63,200 per 10 grams, as sustained buying by dealers and a weaker rupee supported domestic rates, according to local market traders.
The precious metal of 99.9 percent purity had closed at Rs 1,62,800 per 10 grams on Monday. The fresh uptick reflects firm demand from local jewelers and dealers, who continued to accumulate the yellow metal despite softness in global markets.
Domestic Demand Counters Global Weakness
Traders indicated that rising demand in the domestic market helped gold prices move higher even as international prices declined. The weakening rupee further added to the upward pressure, making gold more expensive in the local market.In contrast to gold’s rise, silver prices remained unchanged at Rs 2,72,000 per kilogram, inclusive of all taxes.
International Gold and Silver Prices
In the global market, spot gold was trading 1.35 percent lower at USD 5,157.16 per ounce. Silver, meanwhile, remained flat at USD 88.19 per ounce.Analysts noted that while international precious metal prices were under pressure, the depreciation of the rupee offset the impact of falling global rates in the domestic market. The currency movement effectively raised the cost of imports, supporting higher gold prices in India.
The divergence between domestic and global trends underscores how currency fluctuations and local demand dynamics continue to shape bullion prices in the national capital.
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