Gold prices decline by Rs 149 to Rs 38,875 per 10 gram over weak global cues

New Delhi-India (Nov 15)  Gold prices on Friday fell Rs 149 to Rs 38,875 per 10 gram in the national capital on the back of weak global cues, according to HDFC Securities.

In the previous session, the precious metal closed at Rs 39,024 per 10 gram.

"Spot gold prices for 24 karat gold in Delhi traded lower by Rs 149 with selling in international gold prices and rupee appreciation. The spot rupee was trading 23 paisa stronger against dollar during the day gaining for the second consecutive day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Silver prices also shed Rs 473 to Rs 45,375 per kg from Rs 45,848 per kg in the previous session.

In the international market, gold was trading at USD 1,466 an ounce and Silver at USD 16.86 per ounce in New York.

Prices in the global market fell after the White House Economic Advisor Larry Kudlow said the US was getting close to a trade agreement with China, Patel said. This development led to recovery in equity indices and kept the yellow metal prices subdued.

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