Gold slips by Rs 95 on stronger rupee, weak demand

NEW DELHI: Gold prices fell Rs 95 to Rs 38,460 per 10 gram in the national capital on Tuesday due to weak demand and a stronger rupee, according to HDFC Securities.

The yellow metal had closed at Rs 38,555 per 10 gram in the previous session. "Spot gold for 24 karat in Delhi was trading down by Rs 95 on a stronger rupee and weak spot demand.

The spot rupee was trading around 15 paise stronger against the dollar during the day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Taking cues from gold, silver also fell Rs 128 to Rs 44,607 per kg from Rs 44,735 per kg on Monday. In the international market, gold was trading at USD 1,463 per ounce, while silver was quoting at USD 16.62 per ounce.

"Gold witnessed selling on expectations of initial trade deal between the US and China before December 15 deadline of new US tariffs," Patel said.