Gold gains Rs 311 on higher demand, rupee depreciation

Gold prices on Wednesday rose by Rs 311 to Rs 40,241 per 10 gram in the national capital amid rupee depreciation and higher buying, according to HDFC Securities. The precious metal had closed at Rs 39,930 per 10 gram on Tuesday.

"Spot gold for 24 karat in Delhi was trading up by Rs 311, reflecting Tuesday's gains of international gold prices. Gold prices in India also got support from rupee depreciation with spot rupee trading around 13 paise weaker against the dollar during the day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Silver prices, however, fell by Rs 468 to Rs 35,948 per kg against the previous close of Rs 36,416 per kg.

In the international market, both gold and silver were trading lower at USD 1,490 per ounce and USD 12.38 per ounce, respectively.

Meanwhile, the domestic equity market continued the weak trend, closing 1,709.58 points lower.