Gold prices on uptrend as rupee weakens, yuan devalued

Chennai, Aug 12 (IANS) Gold prices continued its upward trend on Wednesday touching a rate of Rs.2,447/gram (22 carat) and the trend may continue this week, said an official of a leading jewellery chain here.

“The rupee weakening and the Chinese yuan devaluation has resulted in the gold prices going up. There will be volatility in the global markets this week,” NAC Jewellers managing director N. Anantha Padmanabhan told IANS here.

According to him, gold prices also depends on what the Indian government decides to do with the Indian rupee.

“This week the prices will be on the upside. For two days, the international prices will be volatile. However there is not much of a demand for gold in the international market though Indians continue to buy the yellow metal,” Padmanabhan said.

After touching a low of Rs.2,344/gram (22 carat) on August 6, the prices of yellow metal started climbing up since then.

On Tuesday, the price was Rs.2,414/gram (22 carat) and it went up to Rs.2,447/gram on Wednesday.

Similarly prices of silver to witnessed an upwardly trend starting from Rs.33,630/kg on August 6 to Rs.35,845/kg on Wednesday.

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