Gold had closed at Rs 38,538 per 10 gram on Tuesday.
New Delhi: Gold prices fell by Rs 35 to Rs 38,503 per 10 gram in the national capital on Wednesday due to appreciation in rupee, according to HDFC Securities.
The precious metal had closed at Rs 38,538 per 10 gram on Tuesday.
Silver prices, however, rose by Rs 147 to Rs 45,345 per kg from Rs 45,198 per kg in the previous day's trade.
"Spot gold for 24 Karat in Delhi was trading down Rs 35 on rupee appreciation. The spot rupee gained for the second day in a row, appreciating around 15 paise against the dollar during the day," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
The Indian rupee appreciated by 10 paise to 71.40 against the US dollar in early trade on Wednesday as positive opening in domestic equities and sustained foreign fund inflows strengthened investor sentiments.
In the global market, both gold and silver were quoting lower at USD 1,459 per ounce and USD 17.02 per ounce, respectively.
"Gold prices traded weak on Wednesday with international spot gold prices paring previous gains and declined to USD 1,459 an ounce on positive news from US-China trade talks," Patel said.