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Today's Gold Price Delhi, Oct 7, 2022: Gold Price Rises As Rupee Depreciates
Gold price in Delhi surged by Rs 37 to Rs 52,300 per 10 grams on Friday as rupee registers a decline, according to HDFC Securities.
In the previous trade, the precious metal had touched Rs 52,263 per 10 grams, according to a PTI report.
Silver also gained Rs 311 to Rs 62,022 per kg from Rs 61,711 per kg.
In a first, the rupee suffered a record low of 82.24 against the US Dollar on September 7, 2022 in early trade. Rupee declined by 30 paise (0.37%) to 82.19 in morning trade. It declined further to 82.38 or 0.6% in opening trade, its new record low against US Dollar.
In the international market, yellow metal was quoting lower at USD 1,711.16 per ounce while silver was up at USD 20.73 per ounce, added the PTI report.
"Spot COMEX Gold last quoted at USD 1,711.16 per ounce, while the Indian gold prices trade higher amid a weaker rupee and strong physical gold demand," said Dilip Parmar, Research Analyst at HDFC Securities.
How gold prices determined in India?
It is worth noting that if the rupee slides against the dollar, gold prices in India per gram becomes expensive. Demand plays an important role in determining the gold rates today per gram in India. If the demand is not robust prices would fall.
On the other hand, in times of good demand prices of gold would gain. Not many know, but interest rate is a major factor that impact gold prices in India. When interest rates in major countries like the US go higher, gold rates fall and when they fall gold rates go higher.
