Gold marches higher; up Rs 120 on festive demand, weaker rupee

New Delhi: Gold prices on Wednesday advanced Rs 120 to Rs 39,030 per 10 gram in the national capital on festive demand and weaker rupee, according to HDFC Securities.

Silver also jumped by Rs 489 to Rs 46,809 per kilogram here from its previous close of Rs 46,320 per kilogram.

On Tuesday, gold closed at Rs 38,910 per 10 gram.

Spot gold prices for 24 Karat in Delhi were trading higher by Rs 120 at Rs 39,030 on festival demand and weaker rupee, HDFC Securities Senior Analyst - Commodities Tapan Patel said.

Spot rupee was trading 8 paise weaker against dollar during the day, he added.

Gold was trading higher at USD 1,485 an ounce in the international market, while silver quoted flat at USD 17.33 per ounce.

The US-China trade deal jitters and developments on Brexit may keep gold prices on the edge in near term, he added.