“Spot gold prices for 24 Karat in Delhi rose by Rs 348 with markets returning from holiday. Gold prices traded stronger on global cues and a weaker rupee,” said Tapan Patel, senior analyst – commodities, HDFC Securities.
Silver also zoomed Rs 1,630 to Rs 47,580 per kilogram here.
In the global market, gold was ruling higher at USD 1,501 per ounce in New York, while silver was trading at USD 17.61 an ounce.
International gold prices traded higher after disappointing US private payroll data, while the announcement of the imposition of tariffs on European goods by the US also fuelled buying in gold prices, he added.
In the previous trade on Tuesday, gold prices had closed at Rs 38,767 per 10 gram, while silver closed at Rs 45,950 per kilogram in the bullion market.
The Delhi bullion market was closed on Wednesday on account of Gandhi Jayanti.