<p>New Delhi: Gold prices climbed Rs 670 to Rs 1,32,200 per 10 grams in the national capital on Wednesday, as firm global trends and a steep fall in the rupee supported the safe-haven demand, according to the All India Sarafa Association.</p>.<p>On Tuesday, the precious metal of 99.9 per cent purity closed at Rs 1,31,530 per 10 grams.</p>.<p>Traders said the rupee's slide to an all-time low against the US dollar pushed up bullion prices.</p>.<p>However, silver snapped a six-day winning streak by declining Rs 460 to Rs 1,80,900 per kilogram (inclusive of all taxes), as per the association.</p>.<p>"Gold posted modest gains in the domestic markets, supported by a firm global trend and weakness in the Indian currency," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.</p>.<p>On Wednesday, the rupee breached the 90-a-dollar level for the first time to settle at a fresh all-time low of 90.21 (provisional), down 25 paise from its previous close, amid sustained foreign fund outflows and higher crude oil prices.</p>.<p>In the international market, spot gold was trading marginally higher at $4,207.67 per ounce, while silver advanced to USD 58.47 per ounce. The white metal during the session went up by nearly 1 per cent to hit a record of $58.94 per ounce.</p>.<p>"The sharp decline in the rupee helped cushion domestic gold prices from the earlier correction in international markets.</p>.<p>"As global prices rebounded, the impact of the weaker rupee amplified the gains in the domestic market, resulting in a stronger upside compared to overseas levels," Gandhi said.</p>.<p>He added that dovish remarks from Federal Reserve officials have strengthened expectations for a 25 basis points rate cut at next week's FOMC meeting, creating headwinds for the US dollar while providing support for the bullion.</p>.<p>"Investors are awaiting the US ADP private-sector employment report later in the day and the ISM Services PMI, both of which will provide further insight into the economic outlook and potential policy direction and short-term trajectory for bullion prices," Gandhi noted. </p>
<p>New Delhi: Gold prices climbed Rs 670 to Rs 1,32,200 per 10 grams in the national capital on Wednesday, as firm global trends and a steep fall in the rupee supported the safe-haven demand, according to the All India Sarafa Association.</p>.<p>On Tuesday, the precious metal of 99.9 per cent purity closed at Rs 1,31,530 per 10 grams.</p>.<p>Traders said the rupee's slide to an all-time low against the US dollar pushed up bullion prices.</p>.<p>However, silver snapped a six-day winning streak by declining Rs 460 to Rs 1,80,900 per kilogram (inclusive of all taxes), as per the association.</p>.<p>"Gold posted modest gains in the domestic markets, supported by a firm global trend and weakness in the Indian currency," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.</p>.<p>On Wednesday, the rupee breached the 90-a-dollar level for the first time to settle at a fresh all-time low of 90.21 (provisional), down 25 paise from its previous close, amid sustained foreign fund outflows and higher crude oil prices.</p>.<p>In the international market, spot gold was trading marginally higher at $4,207.67 per ounce, while silver advanced to USD 58.47 per ounce. The white metal during the session went up by nearly 1 per cent to hit a record of $58.94 per ounce.</p>.<p>"The sharp decline in the rupee helped cushion domestic gold prices from the earlier correction in international markets.</p>.<p>"As global prices rebounded, the impact of the weaker rupee amplified the gains in the domestic market, resulting in a stronger upside compared to overseas levels," Gandhi said.</p>.<p>He added that dovish remarks from Federal Reserve officials have strengthened expectations for a 25 basis points rate cut at next week's FOMC meeting, creating headwinds for the US dollar while providing support for the bullion.</p>.<p>"Investors are awaiting the US ADP private-sector employment report later in the day and the ISM Services PMI, both of which will provide further insight into the economic outlook and potential policy direction and short-term trajectory for bullion prices," Gandhi noted. </p>