Gold gains Rs 51; silver drops Rs 502

Gold price in the national capital gained Rs 51 to Rs 50,964 per 10 grams on Wednesday amid weak rupee, according to Securities. In the previous trade, the gold had touched Rs 50,913 per 10 grams.

Silver, however, dropped Rs 502 to Rs 59,265 per kilogram.

The rupee depreciated 12 paise to 82.71 against the US dollar in morning trade on Wednesday amid a muted trend in domestic equities.

In the international market, gold was quoting lower at Rs 1,653 per ounce while silver was down at USD 19.70 per ounce.
“COMEX gold has been steady around USD 1,650 an ounce as traders focused on the US Federal Reserve meeting later tonight for clues on when the bank will start scaling back interest rate hikes,” said Dilip Parmar, Research Analyst at HDFC Securities.

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