Gold prices zoom Rs 1,155 to Rs 44,383, silver jumps Rs 1,198 to Rs 47,729

Gold prices zoomed Rs 1,155 to Rs 44,383 per 10 gram on Wednesday in the national capital with continuous rupee deprecation and strong buying in global safe-haven assets, according to HDFC Securities.

On Tuesday, the precious metal had closed at Rs 43,228 per 10 gram.

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Silver prices also jumped Rs 1,198 to Rs 47,729 per kg from Rs 46,531 per kg in the previous trade.

"Spot gold for 24 Karat in Delhi shot up by Rs 1,155 with continuous rupee deprecation and strong buying in global safe-haven assets. The spot rupee was trading around 15 paise weaker against the dollar during

the day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

In the international market, gold and silver were trading flat at USD 1,638 per ounce and USD 17.17 per ounce, respectively.

"Gold prices rallied sharply after the US Fed delivered surprise rate cut of 50 bps to support lingering economy from the coronavirus effect. Gold prices may get support from lower interest rates fetching safe-haven investment," he added.